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The Problem of Social Cost
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In this paper, it is argued that the suggested courses of action are inappropriate, in that they lead to results which are not necessarily, or even usually, desirable, and therefore, it is recommended to exclude the factory from residential districts (and presumably from other areas in which the emission of smoke would have harmful effects on others).Abstract:
This paper is concerned with those actions of business firms which have harmful effects on others. The standard example is that of a factory the smoke from which has harmful effects on those occupying neighbouring properties. The economic analysis of such a situation has usually proceeded in terms of a divergence between the private and social product of the factory, in which economists have largely followed the treatment of Pigou in The Economics of Welfare. The conclusions to which this kind of analysis seems to have led most economists is that it would be desirable to make the owner of the factory liable for the damage caused to those injured by the smoke, or alternatively, to place a tax on the factory owner varying with the amount of smoke produced and equivalent in money terms to the damage it would cause, or finally, to exclude the factory from residential districts (and presumably from other areas in which the emission of smoke would have harmful effects on others). It is my contention that the suggested courses of action are inappropriate, in that they lead to results which are not necessarily, or even usually, desirable.read more
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Renewable Energy in the Context of Sustainable Development
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TL;DR: Part of the Environmental Education Commons (http://ecommonsudaytonedu.edu/phy_fac_pub Part of the environmental education commons, Environmental Health and Protection Commons, Environmental Indicators and Impact Assessment Commons (EIA), Environmental Monitoring Commons, Natural Resource Economics Commons, natural resources and conservation commons, Natural Resources Management and Policy Commons, Oil, Gas, and Energy Commons, Other Environmental Sciences Commons, Sustainability Commons, and the Water Resource Management Commons.
Journal ArticleDOI
Assessing Spatial Equity and Efficiency Impacts of Transport Infrastructure Projects
TL;DR: In this article, the authors developed and applied a spatial computable general equilibrium (SCGE) model as a suitable alternative to standard costbenefit analysis, which is unable to assign benefits to eventual beneficiaries in the economy.
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Willingness to Pay for Public Goods: A Test of the Contribution Model
TL;DR: This article examined the ability of the Schwartz norm-activation model of altruism to explain six different WTP assessments, except when payments are framed as taxes, and suggested that models should presume that both altruistic and egoistic considerations may affect stated WTP and that framing may affect their relative contributions.
Journal ArticleDOI
From Cashews to Nudges: The Evolution of Behavioral Economics
TL;DR: Thaler delivered his Prize Lecture on 8 December 20167 at the Aula Magna, Stockholm University as mentioned in this paper, which was held at the Swedish National Museum of Science and Technology.
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Book
The law of torts
TL;DR: A single volume introduction to contemporary tort and injury law is presented in this paper, which covers direct and intentional interference with person or property and explores their defenses, and reviews liabilities, damages, and the apportionment of responsibility among parties, and examines the criticism and choices in tort law.