chapter_18 Externalities and Public Goods 平狄克微观英文版教材.pptVIP

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chapter_18 Externalities and Public Goods 平狄克微观英文版教材.ppt

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chapter_18 Externalities and Public Goods 平狄克微观英文版教材.ppt

Chapter 1 60 61 62 65 67 68 69 70 75 80 81 82 84 85 87 88 89 90 91 92 93 94 98 99 98 100 Determining the Levelof Educational Spending Educational spending per pupil $0 Willingness to pay $ $1200 $600 $1800 $2400 W1 W2 W3 AW The efficient level of educational spending is determined by summing the willingness to pay for education for each of three citizens. Determining the Levelof Educational Spending Educational spending per pupil $0 Willingness to pay $ $1200 $600 $1800 $2400 W1 W2 W3 AW Will majority rule yield an efficient outcome? W1 will vote for $600 W2 and W3 will vote for $1200 The median vote will always win in a majority rule election. Question Will the median voter selection always be efficient? Answer If two of the three preferred $1200 there would be overinvestment. If two of the three preferred $600 there would be underinvestment. Private Preferences for Public Goods Majority rule is inefficient because it weighs each citizen’s preference equally---the efficient outcome weighs each citizen’s vote by his or her strength of preference. Private Preferences for Public Goods Summary There is an externality when a producer or a consumer affects the production or consumption activities of others in a manner that is not directly reflected in the market. Pollution can be corrected by emission standards, emissions fees, marketable emissions permits, or by encouraging recycling. Summary Inefficiencies due to market failure may be eliminated through private bargaining among the affected parties. Common property resources are not controlled by a single person and can be used without a price being paid. Summary Goods that private markets are not likely to produce efficiently are either nonrival or nonexclusive. Public goods are both. A public good is provided efficiently when the vertical sum of the individual demands for the public good is equal to the marginal cost of producing it. Summary Under majority rule voting, the level of spending provided will be that