Wine growers everywhere fear spring frosts. New vine buds emerge in the spring and are highly susceptible to freezing temperatures which can kill them and result in significant crop loss for the year.

Most economic externalities can be efficiently solved through a system of private property rights, in which costs and ...

Learn how economists measure externalities using equilibrium models, cost assessments, and qualitative methods. Gain insight into real-world and theoretical impacts.

Consumption, production, and investment decisions of individuals, households, and firms often affect people not directly involved in the transactions. Sometimes these indirect effects are tiny. But ...