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Scandals - the Externality Case

Author

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  • Wolfgang Weigel

    (Insitute of Economics, University of Vienna, Wien)

Abstract

Undoubtedly scandals are caused by deviances from an average expected way of conduct. Consequently they are felt to endanger a moral equilibrium, although by the same token the actions underlying the scandal give rise to pleasure as well as rents. Application of standard reasoning thus will lead to the conclusion that there might be too many actions resulting in scandals. However, in the present note it is argued firstly that there is no uniform type of scandal, and secondly that some scandals could even create positive externalities in terms of entertainment for the public. Moreover, the unexpected non-appearance of scandals could cause welfare losses. Therefore, the amount of scandals might fall short of the optimum.

Suggested Citation

  • Wolfgang Weigel, 1999. "Scandals - the Externality Case," Homo Oeconomicus, Institute of SocioEconomics, vol. 16, pages 93-96.
    • Handle: RePEc:hom:homoec:v:16:y:1999:p:93-96
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    Cited by:

    1. Gilles Grolleau & Alain Marciano & Naoufel Mzoughi, 2019. "The Scope For The Strategic Use Of Scandals," Working Papers hal-02306906, HAL.
    2. Gilles Grolleau & Alain Marciano & Naoufel Mzoughi, 2020. "The scope for the strategic use of scandals," Post-Print hal-02306906, HAL.

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