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Pecuniary & Market Mediated Externalities: Towards a General Theory of the Welfare Economics & Economies with Imperfect Information & Incomplete Mrkts

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Author Info

  • Bruce C. Greenwald
  • Joseph E. Stiglitz

Abstract

This paper presents a simple but quite general framework for analyzing the impact of informational externalities. By identifying the traditional pecuniary effect of these externalities which nets out,the paper greatly simplifies the problem of determining when tax interventions can be Pareto improving. In some cases it also leads to simple tests, based on readily observable indicators of the efficacy of a particular tax policy. The framework of the paper is used to analyze adverse selection, signalling, moral hazard, incomplete contingent claim markets and queue rationing equilibria.

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File URL: http://www.nber.org/papers/w1304.pdf
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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 1304.

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Date of creation: Mar 1984
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Publication status: published as Greenwald, Bruce and Joseph E. Stiglitz. "Externalities in Economics with Incomplete Market Information," Quarterly Journal of Economics, Vol. CI, Issue 2, May 1986, pp. 229-264.
Handle: RePEc:nbr:nberwo:1304

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Cited by:
  1. Joseph E. Stiglitz, 1985. "Economics of Information and the Theory of Economic Development," NBER Working Papers 1566, National Bureau of Economic Research, Inc.
  2. John Geanakoplos & Martin Shubik, 1989. "The Capital Asset Pricing Model as a General Equilibrium with Incomplete Markets," Cowles Foundation Discussion Papers 913, Cowles Foundation for Research in Economics, Yale University.

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