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Efficiency and equity in externalities: a partial equilibrium analysis

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  • E T Verhoef

Abstract

Externalities comprise efficiency aspects and equity aspects. The potential Pareto improvement criterion usually applied in analysis of the economics of externalities is solely concerned with efficiency aspects because it bypasses the question of interpersonal utility comparison. However, in the practice of policymaking, equity issues are often at least as important. This paper contains a partial equilibrium analysis of the question of to what extent optimization and compensation of an external cost are compatible under different schemes of regulation and internalization, and in different model settings: the standard textbook model, a model in which defensive activities on behalf of the victim are allowed for, and a model in which dynamic aspects of entry - exit behaviour are investigated.

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Bibliographic Info

Article provided by Pion Ltd, London in its journal Environment and Planning A.

Volume (Year): 26 (1994)
Issue (Month): 3 (March)
Pages: 361-382

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Handle: RePEc:pio:envira:v:26:y:1994:i:3:p:361-382

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Web page: http://www.pion.co.uk

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Cited by:
  1. Verhoef, Erik T. & Nijkamp, Peter, 2002. "Externalities in urban sustainability: Environmental versus localization-type agglomeration externalities in a general spatial equilibrium model of a single-sector monocentric industrial city," Ecological Economics, Elsevier, vol. 40(2), pages 157-179, February.
  2. Verhoef Erik T., 1997. "Externalities," Serie Research Memoranda 0031, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics.
  3. Erik T. Verhoef & Peter Nijkamp, 2000. "Externalities in Urban Sustainability," Tinbergen Institute Discussion Papers 00-077/3, Tinbergen Institute.
  4. Langmyhr, Tore, 1997. "Managing equity : The case of road pricing," Transport Policy, Elsevier, vol. 4(1), pages 25-39, January.

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