Decentralization, Externalities, and Efficiency
- 1 April 1995
- journal article
- Published by Oxford University Press (OUP) in The Review of Economic Studies
- Vol. 62 (2) , 223-247
- https://doi.org/10.2307/2297803
Abstract
In the competitive model, externalities lead to inefficiencies, and inefficiencies increase with the size of externalities. However, as argued by CoaKeywords
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