The DOI matches its Crossref record; 2 of the 2 references it cites were found in a registry or an index.
Externalities in Economies with Imperfect Information and Incomplete Markets
Abstract
This paper presents a simple, general framework for analyzing externalities in economies with incomplete markets and imperfect information. By identifying the pecuniary effects of these externalities that net out, the paper simplifies the problem of determining when tax interventions are Pareto improving. The approach indicates that such tax interventions almost always exist and that equilibria in situations of imperfect information are rarely constrained Pareto optima. It can also lead to simple tests, based on readily observable indicators of the efficacy of particular tax policies in situations involving adverse selection, signaling, moral hazard, incomplete contingent claims markets, and queue rationing equilibria.
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Citations
Cites
The Market for "Lemons": Quality Uncertainty and the Market Mechanism
Akerlof, G. A. (1970) · The Quarterly Journal of Economics · doi:10.2307/1879431 · Cited by 23,016
Credit Rationing in Markets with Imperfect Information
Stiglitz, J. E., & Weiss, A. (1981) · Columbia University · doi:10.7916/d8v12ft1 · Cited by 12,769
Self-citation
Cited by
Multitask principal – agent analyses: Incentive contracts, asset ownership, and job design
Holmstrom, B., & Milgrom, P. (1991) · The Journal of Law, Economics, and Organization · doi:10.1093/jleo/7.special_issue.24 · Cited by 6,046
Whom or What Does the Representative Individual Represent?
Kirman, A. P. (1992) · Journal of Economic Perspectives · doi:10.1257/jep.6.2.117 · Cited by 1,595
Information and the Change in the Paradigm in Economics
Stiglitz, J. E. (2002) · American Economic Review · doi:10.1257/00028280260136363 · Cited by 1,455
Self-citationCapital market liberalization, economic growth, and instability
Stiglitz, J. E. (2000) · World Development · doi:10.1016/s0305-750x(00)00006-1 · Cited by 1,416
Self-citationSoil “ecosystem” services and natural capital: critical appraisal of research on uncertain ground
Baveye, P. C., Baveye, J., & Gowdy, J. (2016) · Frontiers in Environmental Science · doi:10.3389/fenvs.2016.00041 · Cited by 446
Metadata
- Authors
- Greenwald, B. C., & Stiglitz, J. E.
- Venue
- The Quarterly Journal of Economics
- Publisher
- Oxford University Press (OUP)
- Published
- 1986-05
- Volume
- 101
- Issue
- 2
- Pages
- 229
- ISSN
- 0033-5533 (ISSN-L)
- OpenAlex
- W2080184288
- Cited by
- 1,353
- References
- 2
- FWCI
- 59.06
- Type
- journal article
- Language
- en
- Open access
- closed
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- Greenwald, B. C., & Stiglitz, J. E. (1986). Externalities in Economies with Imperfect Information and Incomplete Markets. The Quarterly Journal of Economics. https://doi.org/10.2307/1891114
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
