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The Old Lady Visits Your Backyard: A Tale of Morals and Markets

  • Frey, Bruno S
  • Oberholzer-Gee, Felix
  • Eichenberger, Reiner

Local opposition to many projects makes it increasingly difficult to find sites for socially desirable facilities. As has been widely documented, compensation for local disamenities does not increase the level of support. An empirical analysis of the Swiss search for a nuclear waste repository even reveals decreased acceptance due to the rejection of bribes and the crowding-out of public spirit. However, a 'compensation cycle' may be exploited to finally win the support of host communities. As siting issues are decided in the realm of politics, an economic theory of compensation must focus on the interplay between morals and markets. Copyright 1996 by University of Chicago Press.

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File URL: http://dx.doi.org/10.1086/262060
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Article provided by University of Chicago Press in its journal Journal of Political Economy.

Volume (Year): 104 (1996)
Issue (Month): 6 (December)
Pages: 1297-1313

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Handle: RePEc:ucp:jpolec:v:104:y:1996:i:6:p:1297-1313
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  1. Kahneman, Daniel & Knetsch, Jack L & Thaler, Richard, 1986. "Fairness as a Constraint on Profit Seeking: Entitlements in the Market," American Economic Review, American Economic Association, vol. 76(4), pages 728-41, September.
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  10. Franciosi, Robert, et al, 1995. "Fairness: Effect on Temporary and Equilibrium Prices in Posted-Offer Markets," Economic Journal, Royal Economic Society, vol. 105(431), pages 938-50, July.
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  16. N/A, 1967. "Chapter I. The Home Economy," National Institute Economic Review, National Institute of Economic and Social Research, vol. 42(1), pages 4-19, November.
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  20. N/A, 1967. "Chapter II. The World Economy," National Institute Economic Review, National Institute of Economic and Social Research, vol. 40(1), pages 14-25, May.
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