The goal of this article is to raise awareness and encourage further research about uncalculated costs and benefits of exchange, often called externalities. Externalities are costs and benefits not calculated into the exchange equation, accruing to exchange actors or to others. This article provides a conceptual foundation of how externalities’ studies fit with exchange, relationships, and social systems. We delineate characteristics that differentiate one externality from another and offer potential for creating value: (1) tangibility; (2) separability; (3) storability; (4) marketability; (5) uniformity; (6) controllability; and (7) predictability. Characteristics create a climate for post-acquisition behavior, comprised of their: (1) determinacy; (2) directability; and (3) desirability. These characteristics suggest post-acquisition behavior options such as forfeiting, possessing, temporary disposal, or permanent disposal. Viewed thusly, studies of externalities and their disposition offer rich opportunities for understanding transactions, relationships, networks, market systems, communities, and micro/macro systems.
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