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On Internalization of Externalities

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Type: Working Paper
Author: Gupta, Anil K.; Prakash, Aseem
Date: 1993
Agency: Indian Institute of Management, Ahmedabad, India
Series: Working Paper, no. 1126
URI: https://hdl.handle.net/10535/4391
Sector: Theory
Subject(s): common pool resources--theory
transaction costs
Abstract: "Externalities can be internalized through market mechanism, government regulation, or self-governing institutions or a mix of these institutions. We recommend the institutional route which minimizes total cost (sum of technology, management, and transaction costs) to the firm. These costs are influenced by the externality attributes (occurrence, polluter, spatial, time, and technology). Different institutions may be appropriate for different stages and social contexts of an externality."

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