Agreed. Open-air advertising has negative externalities (the annoyance it causes to everyone walking past, which isn't compensated in any way), and as such we s

Agreed. Open-air advertising has negative externalities (the annoyance it causes to everyone walking past, which isn't compensated in any way), and as such we should expect that in an unregulated environment it will be overproduced. This is a simple case of a tragedy of the commons. This is an argument for regulation.