Why Do Decision Makers Tend to Ignore External Costs? How

question 43

Essay

Why do decision makers tend to ignore external costs? How does internalizing external costs move society closer to efficient levels of output?

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Definitions:

Visual Workplace

An organizational methodology that emphasizes the use of visual techniques and tools to communicate important information and maintain workplace organization.

Confidence Level

The probability that a statistical result is not due to chance, often expressed as a percentage.

Accuracy Level

The degree to which the result of a measurement, calculation, or specification conforms to the correct value or standard.