This paper clarifies issues debated by A.C. Pigou and Frank Knight about correcting inefficient use of congestible resources. Instead of government-imposed Pigouvian access fees, Knight favored access fees set by private toll-setters. For concreteness we use the original example of commuters...

This paper examines voluntary provision of a public good that is motivated, in part, to compensate for other activities that diminish the public good. Markets for environmental offsets, such as those that promote carbon neutrality to minimize the impact of climate change, provide an increasingly...

This paper examines voluntary provision of a public good that is motivated, in part, to compensate for other activities that diminish the public good. Markets for environmental offsets, such as those that promote carbon neutrality to minimize the impact of climate change, provide an increasingly...