Wine growers everywhere fear spring frosts. New vine buds emerge in the spring and are highly susceptible to freezing temperatures which can kill them and result in significant crop loss for the year.

Most economic externalities can be efficiently solved through a system of private property rights, in which costs and benefits can be negotiated.

There are differences between private returns or costs and the costs or returns to society as a whole Consumption, production, and investment decisions of individuals, households, and firms often ...