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.

An externality is a cost or benefit related to the production or consumption of a good or service that affects third parties unrelated to the production or consumption. It is generally the unintended, ...

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 ...

Good sex might be priceless, but there’s still a market for it. Ideally, such a market doesn’t involve money—but demand is rampant, supply plentiful, and the exchange goes on every day in every way.

The multi-layered nature of spaces is captured by real estate values that are sensitive to material, people, and place variables. What individuals, households, and firms consider when making purchase ...

A series of recent protests by the workers preparing and delivering our essential foods and other goods highlights a key risk to our ability to combat the coronavirus. With most Americans sheltering ...

“You must be over the age of 21 to drink alcohol in the state of Connecticut.” Since 1984, Congress has conditioned federal highway funds on states maintaining a legal minimum drinking age of 21. All ...