Abstract: In the previous chapters, we assumed that a decision made by a consumer or producer has no external effects on the other consumers or producers who are not directly involved. In practice, however, there are many situations where external or third-party effects are important. In these situations, the third parties’ actions lead to either benefits or costs to the players who are not involved directly. In economics, these external effects are termed as externalities [49, 50].
Publication Year: 2013
Publication Date: 2013-01-01
Language: en
Type: book-chapter
Indexed In: ['crossref']
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