斯科特微观经济学课件Chapter 24 - Externalities - The free market-interventionist battle continues.pptVIP

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斯科特微观经济学课件Chapter 24 - Externalities - The free market-interventionist battle continues.ppt

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斯科特微观经济学课件Chapter 24 - Externalities - The free market-interventionist battle continues

* Excess production under externalities Socially optimal solution Maximize total profits jointly Solution Compare to market solution Firm 2 – socially optimal output x2*=x2S Firm 1 – more x1*x1S Excess production under externalities Example For t’(x1)=ex1, then x1*=x1S * Excess production under externalities Market for externalities Firm 1= Buys ‘right’ to produce -firm 2: qx1 * * Appendix Chapter 24 Externalities: The Free Market– Interventionist Battle Continues * Externalities Economic development Increased standard of living Major problem: pollution Free market advocates Interventionists Table 24.1 Payoff schedule for the Hoffman-Spitzer experiment * Row Number Controller Noncontroller 1 2 3 4 5 6 7 $ 0.00 $ 4.00 $ 6.00 $ 8.00 $ 9.00 $ 10.00 $ 11.00 $ 12.00 $ 10.00 $ 6.00 $ 4.00 $ 2.00 $ 1.00 $ 0.00 The Externality Problem Described Externality Cost or Benefit Generated - one agent Production or Consumption Affecting - another agent Private marginal cost Cost Excludes externalities * Figure 24.1 Dolan’s water-paper society * The paper mill imposes an external cost on the water treatment plant by dumping its wastes into the river. These wastes increase the treatment plant’s cost of cleaning the water. The Externality Problem Described Paper mill Pollution (externality) External cost Water plant Cost: include externality Outcome for society Not Pareto-optimal * The Effects of an Externality on Output Conditions: Pareto-optimal outcome Individuals: same MRS MRS = marginal utility ratio = price ratio Met Producers: same MRTS MRS=MRT MRT = marginal cost ratio Not met: increase paper production Externality on water plant * The Effects of an Externality on Output Conditions Pareto-optimal outcome Social marginal rate of transformation Accounts for Input costs Externality MRSMRT * An Externality Causes Market Failure Economy No Pareto-optimal outcome Externality – market failure Solution Produce less paper Not reached – competitive markets *