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Externalities

Erik Verhoef ()

No 31, Serie Research Memoranda from VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics

Abstract: This paper discusses the concept of ‘externalities ‘. It starts with a brief discussion of market failures in the neoclassical economic framework. It then proceeds to a definition of externalities, thereby distinguishing external effects from other sorts of ‘unpriced effects ‘. Finally, some attention is paid to the relation, and tension, between efficiency and equity impacts of externalities.

JEL-codes: E13 (search for similar items in EconPapers)
Date: 1997
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