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Studies in Economic Design
Whether an economic agent's decision creates an externality often depends on the institutional context in which the decision was made. Indeed, in orthodox economics, a technological or exogenous externality occurs just in case one agent's economic welfare or production possibilities are directly affected by the market decisions of other agents. A pecuniary externality occurs just in case one consumer's economic welfare or producer's profit is affected indirectly by price changes caused bydoi:10.1007/978-3-319-93809-7_10 fatcat:si3ftwdwsbexlijsvhmytygmai