create asymmetric incentives because increases in externalities remain unpriced. This paper examines implications of such …Many countries use substantial public funds to subsidize reductions in negative externalities. However, such subsidies … asymmetric subsidy incentives by using a regression discontinuity design in California's electricity rebate program that provided …

presence of externalities. The paper employs a two-period, open economy framework in which the central government allocates its … externalities. This is not only because debt relief that expands the availability of current resources has positive direct income …

The paper emphasizes the role of institutions and incentives in the presence of externalities. An economy with multiple … effective institutions exist for overcoming coordination failure. External financing may weaken incentives for adjustment over … that strengthen incentives to provide effort. Uncertainty regarding future taxes reduces present effort and the …

methane, a potent greenhouse gas. In addition to this private/social wedge, incentives to abate are weakened by this industry … $48/Mcf to $211/Mcf). We conclude by relating these findings to regulatory-induced incentives in the industry …

pecuniary externalities justify government intervention. Within the same theoretical framework, we show that when ex …

We document a novel channel through which coordinated noise trading exerts externalities on financial markets dominated … suggest that giving retirement savers unconstrained reallocation opportunities may exert negative externalities on financial …

We show how bundling, exclusivity and additional markets internalize fire sale and other pecuniary externalities. Ex …

positive externalities, such as sanitation, statically optimal subsidies will typically grow. However, in a dynamic game … subsidies. In the extreme, the benefits of foreign subsidies for durables that create positive externalities may be more than … fully offset by such delays in private investment. For durables with negative externalities, such as guns, delays between …