Read on to learn how externalities affect equilibrium and market failure. Externalities, which can be both positive or negative, can affect an individual or single entity, or they can affect ...

Merton, Robert C. "A Simple Model of Capital Market Equilibrium with Incomplete Information." Journal of Finance 42, no. 3 (July 1987): 483–509.

The recent development of quantitative urban models provides a new set of tools for evaluating transport improvements. Conventional cost-benefit analyses are typically undertaken in partial ...

Merton, Robert C. "A Dynamic General Equilibrium Model of the Asset Market and Its Application to the Pricing of the Capital Structure of the Firm." Sloan School of Management Working Paper, No.