Walt Disney’s Celebration: a Success Story of Internalizing Externalities

In: Business and Management

Submitted By kbwalters
Words 3790
Pages 16
Walt Disney’s Celebration: A Success Story of Internalizing Externalities

Introduction
Externalities are costs or benefits that are incurred by parties outside of the transaction for a good or service (Caplan, 2008.) In regards to land use planning, externalities arise from the development of land, and these externalities can be positive or negative. For example of a positive externality is when the use of land in a particular property increases the value of the surrounding properties, or a negative externality arises when the particular property is developed resulting in negative change in value to surrounding properties. There are several ways to internalize externalities: The first is the imposition of Pigovian taxes or subsidies equal in value to the externalities; second, the Coasian solution is to clearly define property rights which results in bargaining bringing about the optimal outcome; and third, which is the focus of this paper, the use of land regulation, namely zoning, to plan land development (Caplan, 2008).
With respect to Pigovian taxes, given that land supply is relatively inelastic, these will have little effect on the mitigation of negative externalities of, for example, urban sprawl (Caplan, 2012). Further, the Coasian solution to deal with land use externalities involves deal-making between parties which, if there are no transaction costs result in the internalization of externalities. In practice, the Coasian solution is at work in tandem with zoning regulation which affects transaction costs (Staley, 1997). Because of the pervasiveness of zoning regulation throughout the United States, the following will examine two different cases of land use regulation, namely, the lack of formal zoning in Houston, Texas and private zoning in the town of Celebration, Florida. It will be shown that the effectiveness land use regulation is…...

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