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The Internalization of External Effects

In: Environmental Economics

Author

Listed:
  • Hans Wiesmeth

    (TU Dresden)

Abstract

Environmental or external effects are not sufficiently integrated into the market system, leading therefore to “market failure” in the sense of an inefficient market equilibrium. The “internalization” of external effects intends to restore efficiency and reestablish optimality of the equilibrium allocation. As external effects signal missing markets, the main idea to be investigated in this chapter is the assigning of “property rights” for the environmental commodities in question or the immediate establishing of “artificial” markets, thereby “completing” the market system. The various tools to achieve this task are formally related.

Suggested Citation

  • Hans Wiesmeth, 2012. "The Internalization of External Effects," Springer Texts in Business and Economics, in: Environmental Economics, chapter 0, pages 77-101, Springer.
    • Handle: RePEc:spr:sptchp:978-3-642-24514-5_6
    DOI: 10.1007/978-3-642-24514-5_6
    as

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