The division of value into autarky value and synchronization value has been used to explain the "network" type of these effects.
The division of value into autarky value and synchronization value has been used to explain the "network" type of these effects. According to the Coase theorem, bargaining with low transaction costs will lead to an effective outcome with respect to these effects. An alternative approach to dealing with these effects is the (*) Pigouvian tax, represented by a leftward shift in the supply curve, which "internalizes" these effects. Herd immunity is an example of a "positive" one, while pollution is an example of a "negative" one. For 10 points, name these effects that cause market failure, defined as the costs and benefits that affect unrelated third parties in a transaction.
The division of value into autarky value and synchronization value has been used to explain the "network" type of these effects.
externality [or externalities] &lt;WC Social Science&gt;