BUAD 5500, Topic 4
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Notes for Topic 4, BUAD 5500, Spring 2013
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BUAD 5500, Topic 4
- 1. Market Failure and the Government Spring 2013 Topic 4
- 2. Perfect competition Many actors Homogenous products No barriers to entry or exit Symmetric information No external benefits or costs
- 3. Why is this desirable? Consumer surplus
- 4. Why is this desirable? Consumer surplus Producer surplus
- 5. Why is this desirable? Consumer surplus Producer surplus Market efficiency
- 8. Violation 1: externalities Negative Positive Potential solutions Fixed limits
- 9. Violation 1: externalities Negative Positive Potential solutions Taxation Tax incidence
- 10. Violation 1: externalities Negative Positive Potential solutions Ownership and tradable rights
- 11. Violation 2: public goods Non-rival Non-excludable
- 12. Violation 2: public goods Non-rival Non-excludable Solutions
- 13. Violation 3: asymmetric information The market for lemons Adverse selection
- 14. Violation 3: asymmetric information The market for lemons Adverse selection Possible solutions Secondary information markets Forced consumption
- 15. Violation 4: imperfect competition Monopoly power Pricing decisions MR and demand curve
- 16. Violation 4: imperfect competition Monopoly power Pricing decisions Monopoly and PC outcomes compared Dead weight loss
- 17. Violation 4: imperfect competition Types of imperfect competition Monopoly Oligopoly Monopolistic competition
- 18. Violation 4: imperfect competition Types of imperfect competition Sources of imperfect competition Limited resource
- 19. Violation 4: imperfect competition Types of imperfect competition Sources of imperfect competition Government policies Patents Copyright Licensing requirements
- 20. Violation 4: imperfect competition Types of imperfect competition Sources of imperfect competition Natural monopolies
- 21. Violation 4: imperfect competition Types of imperfect competition Sources of imperfect competition Non-homogenous goods
- 22. Violation 4: imperfect competition Solutions Anti-trust Approaches Consumer harm Strict size limits “Chicago School”