Matches in SemOpenAlex for { <https://semopenalex.org/work/W1572296997> ?p ?o ?g. }
Showing items 1 to 47 of
47
with 100 items per page.
- W1572296997 abstract "Economic theory has generally akcnowledged the role that institutions have in shaping economic space. The distinction however between physical and institutional descriptions of economic activity has not received adequate attention within the mainstream paradigm. In this paper I show how a proper distinction between the physical and institutional space in economic models will help clarify the concept of and provide a better interpretation of the relationship between and nonconvexity. I argue that within the Arrow-Debreu framework should be viewed as incongruence between the physical and institutional descriptions of the economic space. Accordingly the only consistent characterisation of is to view it as synonymous with missing or missing property rights. All that distinguishes a conventional commodity from an is the extent to which a market exists for the good in question. The common expression markets for externalities is misleading since it tends to imply that there is more to than simply the non-existence of a market. It is most likely the result of confounding certain kinds of jointness in production with externality. I also argue that contrary to conventional wisdom, detrimental has no special association with nonconvexity. Starrett's (1972) fundamental nonconvexity has to do with the specific institutional structure of Arrow rather than the detrimental nature of externality. Indeed, Arrow will not in general eliminate externalities. In a similar vein it is not detrimental externality, however intense, that causes the production possibility set to become nonconvex as argued by Baumol and Bradford (1972), but the particular interpretation of intensity that would make even conventional production possibility sets nonconvex. These points become apparent when one distinguishes between the convexity of the physical and institutional production sets. An understanding that externality is purely an institutional construct will assist in a proper appraisal of the critical economic function of institutions." @default.
- W1572296997 created "2016-06-24" @default.
- W1572296997 creator A5087234608 @default.
- W1572296997 date "2000-01-01" @default.
- W1572296997 modified "2023-10-16" @default.
- W1572296997 title "Externality, Convexity and Institutions" @default.
- W1572296997 doi "https://doi.org/10.2139/ssrn.235469" @default.
- W1572296997 hasPublicationYear "2000" @default.
- W1572296997 type Work @default.
- W1572296997 sameAs 1572296997 @default.
- W1572296997 citedByCount "3" @default.
- W1572296997 countsByYear W15722969972015 @default.
- W1572296997 crossrefType "journal-article" @default.
- W1572296997 hasAuthorship W1572296997A5087234608 @default.
- W1572296997 hasBestOaLocation W15722969972 @default.
- W1572296997 hasConcept C106159729 @default.
- W1572296997 hasConcept C144133560 @default.
- W1572296997 hasConcept C144237770 @default.
- W1572296997 hasConcept C16118543 @default.
- W1572296997 hasConcept C162324750 @default.
- W1572296997 hasConcept C175444787 @default.
- W1572296997 hasConcept C72134830 @default.
- W1572296997 hasConceptScore W1572296997C106159729 @default.
- W1572296997 hasConceptScore W1572296997C144133560 @default.
- W1572296997 hasConceptScore W1572296997C144237770 @default.
- W1572296997 hasConceptScore W1572296997C16118543 @default.
- W1572296997 hasConceptScore W1572296997C162324750 @default.
- W1572296997 hasConceptScore W1572296997C175444787 @default.
- W1572296997 hasConceptScore W1572296997C72134830 @default.
- W1572296997 hasLocation W15722969971 @default.
- W1572296997 hasLocation W15722969972 @default.
- W1572296997 hasOpenAccess W1572296997 @default.
- W1572296997 hasPrimaryLocation W15722969971 @default.
- W1572296997 hasRelatedWork W1589823451 @default.
- W1572296997 hasRelatedWork W1599271201 @default.
- W1572296997 hasRelatedWork W2096095415 @default.
- W1572296997 hasRelatedWork W2942997913 @default.
- W1572296997 hasRelatedWork W3049012323 @default.
- W1572296997 hasRelatedWork W3121344902 @default.
- W1572296997 hasRelatedWork W3122796940 @default.
- W1572296997 hasRelatedWork W3167286505 @default.
- W1572296997 hasRelatedWork W3173499647 @default.
- W1572296997 hasRelatedWork W2024514418 @default.
- W1572296997 isParatext "false" @default.
- W1572296997 isRetracted "false" @default.
- W1572296997 magId "1572296997" @default.
- W1572296997 workType "article" @default.