| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w20275 |
| 来源ID | Working Paper 20275 |
| A Market Based Solution to Price Externalities: A Generalized Framework | |
| Weerachart T. Kilenthong; Robert M. Townsend | |
| 发表日期 | 2014-07-07 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | Pecuniary externalities have regained the interest of researchers as they seek policy interventions and regulations to remedy externality-induced distortions, e.g., balance sheet effects, amplifiers and fire sales. In this paper we go back to first principles and show how to design financial contracts and markets in such a way that ex ante competition can achieve a constrained-efficient allocation. The key as in general equilibrium theory is to extend the commodity space in such a way that bundling, exclusivity and additional markets internalize these pecuniary externalities. We devise in this paper a general way of proceeding that covers as a general case the large variety of example-economies which differ from one another in the particular source of the constraint generating the externality. A key take away from our approach is that we do not need to identify and quantify some policy intervention. With the appropriate ex ante design we can let markets solve the problem. |
| 主题 | Microeconomics ; General Equilibrium ; Welfare and Collective Choice |
| URL | https://www.nber.org/papers/w20275 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/577949 |
| 推荐引用方式 GB/T 7714 | Weerachart T. Kilenthong,Robert M. Townsend. A Market Based Solution to Price Externalities: A Generalized Framework. 2014. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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