Part andor Chapter Number and Title Mississippi 部分或章节号和标题密西西比河.pptVIP

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Part andor Chapter Number and Title Mississippi 部分或章节号和标题密西西比河.ppt

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Part andor Chapter Number and Title Mississippi 部分或章节号和标题密西西比河

Chapter 5: Public Goods and Externalities Market Failure In some cases, certain goods and services might not be produced at all. In other cases, certain goods and services might be over- or under-produced compared to what would be best for the society. These situations represent a market failure to achieve the outcome that is best for the society. Whenever there is a market failure, there might be a role for a government to intervene in the economy. Market Failure Two common cases in which market failures arise are: Production of public goods (and services) Production of goods and services that involve externalities Private Goods vs. Public Goods Private goods are Rival: if one person consumes a private good, the other can’t; Excludable: only those who pay for goods enjoy their benefits; Bought and consumed by people individually; Produced and allocated efficiently by competitive markets. Public goods are Non-rival: one person’s consumption of a public good does not preclude others from consuming it too; Non-excludable: there is no efficient way to prevent people from enjoying a public good without paying; Subject to a free-rider problem – non-payers can enjoy benefits of a public good; Not produced or under-produced by competitive markets. Private Goods vs. Public Goods: Examples Private goods A pair of shoes; A cup of coffee; A car; A house; A haircut; A circus show. Public goods National defense; Roads; Parks; Street lighting; Environmental protection. Market Demand for Public Goods and Optimal Quantity Market demand for a private good is a horizontal sum of individual demands: quantities demanded at each price are added up. Market demand for a public good is a vertical sum of individual demands: individuals’ willingness to pay (per unit) for each given quantity of a public good are added up. Optimal quantity of a public good is where marginal benefit of this good (market demand) is equal to the marginal cost of producing the good (supply). Externalities: Pos