There are at least two competing visions for the future National Information Infrastructure. One model is based on the application-blind architecture of the Internet; the other is based on the application- aware architecture of cable TV systems and online services. Awareness is the extent to...

A framework for economic analysis.

A supplement to Economic Analysis (3rd Edition).

I show that the Pigovian solution to a simple externalities problem and a particular Coasian solution can be viewed as competitive equilibria from different initial endowments. I also describe the ``compensation mechanism,'' a mechanism that implements either the Coasian or Pigovian solution as...