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Lecture Principles of economics (2e): Chapter 9 - Robert H. Frank, Ben S. Bernanke
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Chapter 9 - Externalities and property rights. In chapter 9 we will investigate how the allocation of resources is affected when activities generate costs or benefits that accrue to people not directly involved in those activities. We will see that if parties cannot easily negotiate with one another, the selfserving actions of individuals will not lead to efficient outcomes
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