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Externality

Terms in this set (5)

The uncompensated impact of one person's actions on the well being of a bystander

internalizing the externality

Altering incentives so that people take into account the external effect of their actions

A tax designed to induce private decision makers to take into account the social costs that arise from a negative externality

The proposition that if private parties can bargain without cost over the allocations of resources, the can solve the problem of externalities on their own

Transaction costs

the costs that private parties incur during the process of agreeing to and following through on a bargain

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