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Social EconomicsCurrent and Emerging Avenues$
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Joan Costa-Font and Mario Macis

Print publication date: 2017

Print ISBN-13: 9780262035651

Published to MIT Press Scholarship Online: September 2017

DOI: 10.7551/mitpress/9780262035651.001.0001

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The Role of Repugnance in the Development of Markets: The Case of the Market for Transplantable Kidneys

The Role of Repugnance in the Development of Markets: The Case of the Market for Transplantable Kidneys

Chapter:
(p.233) 10 The Role of Repugnance in the Development of Markets: The Case of the Market for Transplantable Kidneys
Source:
Social Economics
Author(s):

Julio Jorge Elias

Publisher:
The MIT Press
DOI:10.7551/mitpress/9780262035651.003.0010

Economic efficiency is a criterion commonly used in economic analyses to establish an order of preference between different policy alternatives. However, in many societal situations where decisions on policy are made it would seem that this criterion is not the one most often prevails. This paper examines a disgust or repugnance factor, and examines how this factor operates as a restriction on certain transactions in the market and the consequences of these restrictions. This repugnance concept, developed by Al Roth (2007), suggests that some transactions, such as the purchase and sale of kidneys for transplants are illegal simply because a sufficient number of people find it repugnant. This paper demonstrates that the level of the repugnant reaction depends on circumstances and is closely associated with the social cost imposed by the development, prohibition or regulation of a kidney transplant market.

Keywords:   Repugnance factor, Disgust, Transactions, Black market, Kidney transplant market, Social cost, Prohibition, regulation

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