Thread · 2 tweets · 12 Oct 2022

Right, I'm not thinking about it in terms of internalisation (though you would have to do that to make propertatian approaches work, which in turn creates all kinds of Arrow paradoxes). I'm more trying to figure out if that should lead to specific kinds of market failure.

For instance, if this market is all in the externalities, does this have consequences for the ways in which it may be more susceptible to manipulation from non-price signals, does it break concentration metrics, etc.