Ch14

Externalities, Public Goods, Imperfect Information, and Social Choice

Externalities ,[object Object]

Externalities ,[object Object],[object Object]

Marginal Social Cost and Marginal-Cost Pricing ,[object Object],[object Object]

Marginal Social Cost and Marginal-Cost Pricing ,[object Object]

Private Choices and External Effects ,[object Object]

Private Choices and External Effects ,[object Object],[object Object]

Internalizing Externalities ,[object Object]

The Coase Theorem ,[object Object],[object Object]

The Coase Theorem ,[object Object],[object Object],[object Object],[object Object],[object Object]

Indirect and Direct Regulations ,[object Object],[object Object]

Public Goods ,[object Object],[object Object]

The Characteristics of Public Goods ,[object Object],[object Object]

The Characteristics of Public Goods ,[object Object]

Public Provision of Public Goods ,[object Object],[object Object]

Optimal Provision of Public Goods ,[object Object]

Optimal Provision of Public Goods ,[object Object],[object Object]

Optimal Production of a Public Good ,[object Object]

Local Provision of Public Goods ,[object Object]

Imperfect Information and Adverse Selection ,[object Object],[object Object]

Moral Hazard ,[object Object],[object Object]

Market Solutions ,[object Object],[object Object]

Government Solutions ,[object Object],[object Object]

Social Choice ,[object Object]

The Impossibility Theorem ,[object Object]

The Impossibility Theorem ,[object Object],VP1 prefers A to B and B to C. VP2 prefers B to C and C to A. The dean prefers C to A and A to B. X X X 3 X X X 2 X X X 1 Ranking Reduce the size of the faculty No change Hire more faculty OPTION C OPTION B OPTION A Preferences of Three Top University Officials VP1 VP2 Dean

The Voting Paradox ,[object Object],a A > B is read “A is preferred to B.” C wins: C > A C C A C versus A B wins: B > C C B B B versus C A wins: A > B A B A A versus B Result a Dean VP2 VP1 Vote VOTES OF: Results of Voting on University’s Plans: The Voting Paradox

Rent-Seeking Revisited ,[object Object],[object Object]

Ch14

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Ch14