Keyword: external costs

Prices and Sanctions? (8/13/1999)

Prices compel decision makers to consider the monetary costs of their acts, whereas sanctions deter people from doing what is wrong.

Keywords: community standards, external costs, law, parking, penalty, prices, sanctions, speeding

Scoop Your Poop (11/2/2011)

Enforceable property rights reduce external costs.

Keywords: enforcement costs, external costs, fence, property rights