externality


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ex·ter·nal·i·ty

 (ĕk′stər-năl′ĭ-tē)
n. pl. ex·ter·nal·i·ties
1.
a. The condition or quality of being external or externalized.
b. Something that is external.
2. A cost or benefit that affects people other than those involved in the economic activity that produced it and that is not reflected in prices: pollution and other negative externalities.

externality

(ˌɛkstɜːˈnælɪtɪ)
n, pl -ties
1. the state or condition of being external
2. something external
3. (Philosophy) philosophy the quality of existing independently of a perceiving mind
4. (Economics) an economic effect that results from an economic choice but is not reflected in market prices

ex•ter•nal•i•ty

(ˌɛk stərˈnæl ɪ ti)

n., pl. -ties.
1. the state or quality of being external or externalized.
2. something external.
4. an often unforeseen external effect accompanying a process.
ThesaurusAntonymsRelated WordsSynonymsLegend:
Noun1.externality - the quality or state of being outside or directed toward or relating to the outside or exterior; "the outwardness of the world"
worldliness - concern with worldly affairs to the neglect of spiritual needs; "he disliked the worldliness of many bishops around him"
spatial relation, position - the spatial property of a place where or way in which something is situated; "the position of the hands on the clock"; "he specified the spatial relations of every piece of furniture on the stage"
References in periodicals archive ?
An externality arises whenever the actions of one individual or firm have a direct, unintentional, and uncompensated effect on the well-being of another individual or the profits of another firm (Keohane and Olmstead 2016).
In addition to the negative congestion externality that is standard in labor markets with matching frictions, in our model there are two positive shopping externalities.
Judicial review of such zoning decisions should also hold the local government accountable for the potential threat of "regulatory opportunism," in which a certain municipality simply seeks to shoulder a specific negative market externality on the residents of adjacent localities.
6) More specifically, if the KUJ consumption externality is sufficiently strong, the simple Taylor principle fails to be sufficient for equilibrium determinacy even if the degree of LAMP is low, that is, even if a large share of households are Ricardian.
Congestion costs in urban areas are significant and clearly represent a negative externality.
The externality, in turn, resides in the failure of financial intermediaries to internalise this fire sale damage, which affects the broader economy and not just the institutions engaging in such funding patterns.
Government actually must make sure coal companies internalize externality costs, because these are implicit subsidies our people cannot afford and should not pay for," he said.
Each type of externality raises distinct normative concerns and accounts for specific structural features of international law.
Why don't government agencies use Pigovian taxes to remedy externality problems?
The relative importance the households attach to each type of externality determines the spatial pattern of urban development (fragmented - sprawl or compact).
This article examines the accident externality from driving in terms of loss probability and severity by using a unique individual-level data set with more than 3 million observations from Taiwan.
For example, if a person smokes and thereby creates a negative externality of more secondhand smoke, then her choice not to smoke creates a positive externality of less secondhand smoke.