The Welfare Analytics of Transaction Costs, Externalities, and Institutional Choice
批评了经济学家在外部性文献中过度强调市场和价格导向政策，指出缺乏整合制度选择及其资源成本的概念框架，并通过将交易成本纳入传统福利图解来弥补这一缺失。
Abstract A natural result of the economist's participation in externality literature has been a strong emphasis upon market and price‐guided policies. Available theoretical foundations are insufficient for supporting this ideology. Absent is a conceptual framework which integrates institutional options and their attendant resource costs with what we know of resource and technology constraints. This paper addresses this omission by incorporating an explicit role for transaction costs into traditional welfare diagrammatics.