Article history: Received 10 November 2007 Received in revised form 14May 2008 Accepted 14 May 2008 Available online 14 June 2008 The paper analyzes the contribution of K. William Kapp, widely considered one of the founders of Ecological Economics. This paper will demonstrate how K. William Kapp developed his theory of social costs into a framework for environmental policy development, i.e. the...

z Some rights to resources adhere to individuals on the basis of ascribed characteristics-these are rights of person. These rights are not subject to voluntary alienation. And there are rights that adhere to specific characteristics of resources and are subject to alienation. These are rights in property. However, there has been a systematic tendency to promote property rights at the expense of...

We analyze the costs and benefits of allowing stakeholders in a firm to share control. In our model, there are conflicts among stakeholders and bargaining does not always lead to efficient decision-making. Although the logic of the Coase Theorem is such that bargaining problems lower the efficiency of decision-making regardless of who has control, we show that conflicts among parties favor undi...

Although marginal cost pricing is necessary for welfare maximization, firms that produce under conditions of decreasing average cost incur losses if they price at marginal cost. In this paper, the Coase two-part tariN is extended to several cases of common costs by assessing surplus in order to recover the losses of the regulated natural monopolist; the existence of equilibria in these cases is...

Progressives the world over cherish high hopes in development of institutions for collective actions. Among these institutions, commons have a long history western Europe. While new institutional economics emerged 1960s, were not taken seriously postwar before seminal work Elinor Ostrom late 1980s. How can we explain this belated integration economics? In paper, trace some origins neoclassical ...

In everyday economic life, the endowment effect is a very frequent occurrence. It describes phenomena wherein person values possession more highly when they own it than do not. At present, psychological mechanism of this phenomenon mainly explained by loss aversion, but theory has great defects. A theoretical area behavioral finance effect. order to analyze traits financial market subjects (dec...