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Topic: Externality

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  Externality: A Glossary of Political Economy Terms - Dr. Paul M. Johnson
An "external diseconomy," "external cost" or "negative externality" results when part of the cost of producing a good or service is born by a firm or household other than the producer or purchaser.
Externalities of either the "positive" or the "negative" sort create a problem for the effective functioning of the market to maximize the total utility of the society.
subsidy approach to remedying externalities problems is, of course, that it may well be impossible or prohibitively expensive for the government to determine the size of the external costs or benefits involved and hence to determine even approximately what an appropriate tax or subsidy rate would be.
www.auburn.edu /~johnspm/gloss/externality   (1167 words)

 Externality - Wikipedia, the free encyclopedia
An externality occurs when a decision causes costs or benefits to stakeholders other than the person making the decision, often, though not necessarily, from the use of a public good (for example, a decision which results in pollution of the atmosphere would involve an externality).
From the perspective of anybody affected by the externality, it is either a negative factor in their lives, as with obnoxious smell or pollution or a boon, as with the other's pretty clothes.
A side effect or externality associated with his activity is the pollination of the surrounding crops by the bees.
en.wikipedia.org /wiki/Externality   (2665 words)

 Externality - Wikipedia, the free encyclopedia
An externality occurs in economics when the actions of one consumer or firm affect the well being or production of another consumer or firm with whom there is no direct business relationship.
Externalities are important in economics because they may lead to inefficiency (see Pareto efficiency).
Externalities can be illustrated on a standard supply and demand diagram if the externality can be monetized.
www.dontbeevil.com /externality.html   (522 words)

 EXTERNALITY   (Site not responding. Last check: 2007-11-04)
An externality is a consequence not considered in analysis.
An externality that affects the interests of other groups of people or other decision makers is referred to as a spillover.
The term externality derives from economics, where externalities are costs or benefits not taken into account in a transaction or system of transactions.
pespmc1.vub.ac.be /ASC/EXTERNALITY.html   (93 words)

 ipedia.com: Externality Article   (Site not responding. Last check: 2007-11-04)
Sometimes, externalities are called "neighborhood effects" or "spillovers" but it should not be thought that all externalities are small, spilling over only in the "neighborhood." For example, the burning of hydrocarbons likely affects the entire neighborhood of the Earth, encouraging global warming.
Externalities can be illustrated on a standard supply and demand diagram if the externality can be monetized (valued in terms of money).
The issue of external benefits is related to that of public goods, i.e., goods where it is difficult if not impossible to exclude people from benefits.
www.ipedia.com /externality.html   (1858 words)

 Electricity Generation and Environmental Externalities: Case Studies - Executive Summary
The environmental impacts (or damages) caused by these emissions are labeled environmental "externalities." Included in the generic term "externality" are benefits or costs resulting as an unintended byproduct of an economic activity that accrue to someone other than the parties involved in the activity.
This report provides an overview of the economic foundation of externalities, the Federal and State regulatory approaches, and case studies of the impacts of the externality policies adopted by three States.
Among the States that monetize externality values, the general trend is to incorporate them within the framework of the integrated resource planning (IRP) process, which requires the utilities to evaluate supply- and demand-side options on a consistent basis to meet future demand reliably at the lowest system costs.
www.eia.doe.gov /cneaf/electricity/external/external_sum.html   (602 words)

 Perception and Externality in Whitehead’s "Enquiry"
The constants of externality are those characteristics of a perceptual experience which it possesses when we assign to it the property of being an observation of the passage of external nature, namely when we apprehend it.
It is obvious that "external" is not here being used in the sense that it was used in the initial discussion of the constants of externality.
"Externality" here, presumably, is being used in the sense that the common nature which is assumed to exist is taken to be external to the percipient, not in the sense that certain perceptual experiences of the percipient are taken to be observations of the passage of external nature (cf.
www.religion-online.org /showarticle.asp?title=2360   (4854 words)

Examples are the harvesting externality where outside fishermen catch the ranched fish and environmental externalities on the shoreline where the ocean ranching facilities operate.
It is first of all important to realize that the impact of the fundamental externality of ocean ranching ¾ the ecological externality ¾ may not be of a gradual nature.
For these reasons, the external ecological effects of ocean ranching may normally[11] be expected to be negative.
www.fao.org /DOCREP/005/Y1805E/y1805e08.htm   (1771 words)

An externality occurs when an economic agent’s consumption or production activities confer a benefit or impose a cost on other actors, and this benefit is conferred or this cost is imposed outside of a market.
A consumption externality is an externality generated by the consumption behavior of an economic actor.
A provision externality is a dynamic externality, and it is that together our animals impose a cost on the future provision of the good produced in the commons, that is we can cause environmental damage through overgrazing.
faculty.maxwell.syr.edu /jomcpeak/lecture12.htm   (1573 words)

 Externality   (Site not responding. Last check: 2007-11-04)
An externality occurs in economics when a decision (for example, to pollute the atmosphere) causes costs or benefits to individuals or groups other than the person making the decision.
From the perspective of anybody affected by the externality, it is either a negative factor in their lives (as with obnoxious perfume or pollution) or a boon (as with the other's pretty clothes).
Sometimes, externalities are called "neighborhood effects" or "spillovers" but it should not be thought that all externalities are small, spilling over only in the "neighborhood." For example, some claim that the burning of fossil fuels affects the entire "neighborhood" of the Earth, encouraging global warming.
externality.kiwiki.homeip.net   (2184 words)

 [No title]
For example, while economists were writing of the positive externality brought to apple growers by the pollination activities of bees, beekeepers were internalizing this activity (and consequently invalidating the arguments of economists) by contracting with owners of apple orchards.
For a negative indirect network externality, the analogy is obvious: if a group of breakfast-eaters joins the network of orange juice drinkers, their increased demand raises the price of orange juice concentrate, and thus most commonly effect a transfer of wealth from their fellow network members to the network of orange growers.
A clear implication of the network externalities literature is that often we cannot move from one technology to a superior one, from one standard to a better one, from one kind of network to a better one.
www.utdallas.edu /~liebowit/jep.html   (7946 words)

There is some truth to it because anyone who is not insane will do his or her best to have enough wealth to get away from society's failures, its rotted inner cities and lack of health plan cancers, but that assumption does not distinguish between comfortable living and radicalized wealth.
A crowd in power will always opt for external measurement because it avoids the ugly truth of our inequality as individuals, and consequently, the crowd will drown out any voices of reason as those will offend someone and therefore be unfit.
It translates into measurement by external and not internal factors, and from that leads to a bureaucratic averaging/lowest common denominator behavior expectation.
www.anus.com /zine/articles/externality   (1786 words)

 Applications of Environmental Valuation for Determining Externality Costs
External effects or externalities are spillovers (positive or negative) from the production of a good or service.
If the plant was expected to produce 10 000 ton of SO /year, and the externality adder set by the state was $2000/ton, then $20 million/year of "environmental externality costs" had to be included in the investment analysis to determine which technology was most desirable.
It could be seen as a minimum or lower bound estimate of the air pollution externality since it does not include airborne toxic substances or discharges to land and water.
pubs.acs.org /cgi-bin/jtextd?esthag/34/8/html/es9907313.html   (5266 words)

 Knowledge Problem: Externality Accounting
For a second challenge, pick some other public policy commonly defended on externality grounds, and try to list the externalities with the wrong sign--the ones that are an argument for subsidizing what we now tax, or taxing what we now subsidize.
The "externality" can be sufficiently small that at the margin, if it were internalized, it wouldn't change the outcome.
In that case, the externality is not Pareto-relevant, if I pay her she won't plant more plants, and my payment to her does not change the outcome, it just redistributes resources from me to her.
www.knowledgeproblem.com /archives/001497.html   (1024 words)

 SSRN-The Externality of Victim Care by Alan Meese
Identification of the externality of victim care suggests the existence of a second externality, the externality of injurer care.
The failure previously to identify the externality of victim care may reflect undue reliance on the farmer-railroad exemplar as a vehicle for examining the effects of various liability rules.
Moreover, recognition of this externality may actually bolster the positive economic theory by, for instance, explaining the absence of a contributory negligence defense to torts premised on strict liability.
papers.ssrn.com /sol3/papers.cfm?abstract_id=237992   (437 words)

 Negative Externalities [Virtual Learning Arcade]
Negative externalities are often viewed as examples of market failure, in other words, the market mechanism creates a level of consumption / production that is higher than society desires.
The externality is created because the marginal private benefit (individual's demand curve) is greater than the marginal social benefit (society's demand curve).
The externality is represented by the shaded triangle.
www.bized.co.uk /virtual/vla/theories/negative_externalities.htm   (457 words)

 The Externality Affects of Mall Anchors
The spatial evidence for the power of externalities to generate cliusters of commercial activity is there for all to see: in downtowns; along roads and highways; in malls; and in power centres.
Externalities are invariably inferred, rarely (if ever) calibrated as monetary benefits.
This is because individual stores/outlets cannot, due to the nature of externalities, include them in their internal accounting procedures, even in measures of sales.
www.csca.ryerson.ca /Publications/2000-07.html   (162 words)

 JAMM - Externalities   (Site not responding. Last check: 2007-11-04)
Externalities are objects that access resources external to the portable Java runtime environment.
Since externalities are machine-specific, replicas of an externality could deliver different values to each replica of the shared application.
Our approach to dealing with this is to replace each externality with a proxy that communicates with a central instance of the externality which delivers the same value to each replica.
simon.cs.vt.edu /JAMM/ExternalitiesList.html   (611 words)

 Introduction to Environmental Externality Costs
According to Griffin and Steele (1986), external costs exist when "the private calculation of benefits or costs differs from society's valuation of benefits or costs".
Pollution represents an external cost because damages associated with it are borne by society as a whole and are not reflected in market transactions.
Efforts to incorporate externalities have generally been confined to the regulated sectors of the energy system (electricity, and to a lesser extent, natural gas),.
enduse.lbl.gov /Info/Externalities-abstract.html   (249 words)

 Intra-project externality and layout variables in residential condominium appraisals Journal of Real Estate Research, ...
It documents that, at a micro-level, proximity to intraproject externalities such as greenspace, swimming pools, recreational areas, traffic noise, and the like, and project layout variables representing the location of individual condominium units within multiunit structures, have significant effects on the property values of units within a condominium project.
However, the multiple-regression method, widely used in valuation studies by academic researchers, is gaining popularity as a tool for mass appraisals and as a complement to the grid method by providing estimates of adjustments for differences between the comparables and the subject property.
The purpose of this study is to analyze the impact of project externality and layout variables on the selling prices of residential condominium units.
www.findarticles.com /p/articles/mi_qa3750/is_199801/ai_n8767442   (882 words)

 Public Goods and Externalities, by Tyler Cowen: The Concise Encyclopedia of Economics: Library of Economics and Liberty
Externalities occur when one person's actions affect another person's well-being and the relevant costs and benefits are not reflected in market prices.
Policy debates usually focus on free-rider and externalities problems, which are considered more serious problems than nonrivalrous consumption.
While most people are unaware of it, markets often solve public goods and externalities problems in a variety of ways.
www.econlib.org /library/Enc/PublicGoodsandExternalities.html   (1393 words)

 Property Rights and Externality: The Ethics of the Austrian School   (Site not responding. Last check: 2007-11-04)
Arguably, the most difficult case of externality for the free market to solve independent of government intervention is that of air pollution.
Rejecting the Coasean view that varying allocations of property rights in externality cases have no effect on the outcome as long as transaction costs are zero, Austrians hold that a strict-liability, tort-law approach based on fundamental axioms of private property will resolve externality conflicts appropriately.
Ronald Coase3 and Harold Demsetz4 began with the assertion that the victim of an externality is equally responsible for the damage done him.
www.acton.org /publicat/m_and_m/1999_fall/terrell.html   (4142 words)

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