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On Appraising Environmental Institutions
Author(s) -
Seagraves J. A.
Publication year - 1973
Publication title -
american journal of agricultural economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.949
H-Index - 111
eISSN - 1467-8276
pISSN - 0002-9092
DOI - 10.2307/1238347
Subject(s) - allocative efficiency , externality , profitability index , distribution (mathematics) , economics , joint (building) , microeconomics , business , natural resource economics , finance , mathematics , mathematical analysis , architectural engineering , engineering
Abstract Changing relative prices and conditions of profitability lie behind many demands for new institutions. The emerging nature of environmental disequilibria suggests that allocative effects of alternative institutions can be studied before the difficult question of income distribution. “Externalities” are viewed as joint products, one of which is not priced.