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101 lecture 11

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Gale Pooley
Gale Pooley

Public Goods and Common Resources

Economia e finanças
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Microeconomics Lecture 11 ! Public Goods and Common Resources
Key Terms
Key Terms excludability rivalry in consumption private goods public goods common resources club goods free rider cost-benefit analysis Tragedy of the Commons
Four Types of Goods
Four Types of Goods Private Goods Public Goods Common Resources Club Goods
Some goods do not have prices
Some goods do not have prices How much should we produce? ! Government policy
Private Goods
Private Goods Goods that are excludable and rival in consumption. ! Can exclude others If I consume, you cannot
Excludable
Excludable Can people be prevented from using the good? ! Yes No
Rivalry in Consumption
Rivalry in Consumption Can one person’s use of a good reduce others use? ! Can two people consume at the same time without reducing?
Exclude others ! When I consume it diminishes
Public Goods
Public Goods Goods that are neither excludable nor rival in consumption. ! Cannot exclude Everyone can consume without reducing amount
Free Rider
Free Rider a person who receives a benefit but does not pay for it
National Defense
Basic Research ! Everybody Benefits
Common Resources
Common Resources Goods that rival in consumption but are not excludable ! Cannot exclude others If I consume, you cannot
Common Resource ! Drink as fast as possible before it runs out
Private Good
Private Good Each person has his own cup
Which method will incentivize people to not waste the resource? Share one cup Each person gets their own cup
Tragedy of the Commons
Tragedy of the Commons If everyone owns it, no one owns it
Tragedy of the Commons If everyone owns it, no one owns it Privatize the commons
Property Rights
Property Rights Reduce contention ! Create wealth
Club Goods
Club Goods Goods that are excludable but not rival in consumption ! Can exclude others Everyone can consume without reducing amount
Excludable?
Excludable? Can people be prevented from consuming?
Yes Excludable? Can people be prevented from consuming?
Yes Excludable? Can people be prevented from consuming? No
Rival in Consumption? Yes Excludable? Can people be prevented from consuming? No
Rival in Consumption? Yes Excludable? No Is it reduced when one person consumes? Can people be prevented from consuming?
Rival in Consumption? Yes Yes Excludable? No Is it reduced when one person consumes? Can people be prevented from consuming?
Rival in Consumption? Yes No Yes Excludable? No Is it reduced when one person consumes? Can people be prevented from consuming?
Rival in Consumption? Is it reduced when one person consumes? Yes No Yes Excludable? No Private Goods Can people be prevented from consuming?
Rival in Consumption? Is it reduced when one person consumes? Yes No Yes Excludable? No Private Goods Snickers Bar Can people be prevented from consuming?
Rival in Consumption? Is it reduced when one person consumes? Yes No Yes Excludable? No Private Goods Snickers Bar Car Can people be prevented from consuming?
Rival in Consumption? Is it reduced when one person consumes? Yes No Yes Excludable? No Private Goods Snickers Bar Car Pizza Can people be prevented from consuming?
Rival in Consumption? Is it reduced when one person consumes? Yes No Yes Excludable? No Private Goods Snickers Bar Car Pizza Can people be prevented from consuming?
Rival in Consumption? Is it reduced when one person consumes? Yes No Yes Excludable? No Private Goods Snickers Bar Car Pizza Common Resources Can people be prevented from consuming?
Rival in Consumption? Is it reduced when one person consumes? Yes No Yes Excludable? No Private Goods Snickers Bar Car Pizza Common Resources Fish in Ocean Can people be prevented from consuming?
Rival in Consumption? Is it reduced when one person consumes? Yes No Yes Excludable? No Private Goods Snickers Bar Car Pizza Common Resources Fish in Ocean Air Can people be prevented from consuming?
Rival in Consumption? Is it reduced when one person consumes? Yes No Yes Excludable? No Private Goods Common Resources Public Goods Snickers Bar Car Pizza Fish in Ocean Air Can people be prevented from consuming?
Rival in Consumption? Is it reduced when one person consumes? Yes No Yes Excludable? No Private Goods Common Resources Public Goods Snickers Bar Car Pizza Fireworks Fish in Ocean National Defense Air Can people be prevented from consuming?
Rival in Consumption? Is it reduced when one person consumes? Yes No Yes Excludable? No Private Goods Common Resources Club Goods Public Goods Snickers Bar Car Pizza Fireworks Fish in Ocean National Defense Air Can people be prevented from consuming?
Rival in Consumption? Is it reduced when one person consumes? Yes No Yes Excludable? No Private Goods Common Resources Club Goods Public Goods Snickers Bar Car Pizza Satellite TV Fireworks Fish in Ocean National Defense Air Can people be prevented from consuming?
Rival in Consumption? Is it reduced when one person consumes? Yes No Yes Excludable? No Private Goods Common Resources Club Goods Public Goods Snickers Bar Car Pizza Satellite TV Paintings Fireworks Fish in Ocean National Defense Air Can people be prevented from consuming?

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101 lecture 11

  • 1. Microeconomics Lecture 11 ! Public Goods and Common Resources
  • 3. Key Terms excludability rivalry in consumption private goods public goods common resources club goods free rider cost-benefit analysis Tragedy of the Commons
  • 5. Four Types of Goods Private Goods Public Goods Common Resources Club Goods
  • 6. Some goods do not have prices
  • 7. Some goods do not have prices How much should we produce? ! Government policy
  • 9. Private Goods Goods that are excludable and rival in consumption. ! Can exclude others If I consume, you cannot
  • 11. Excludable Can people be prevented from using the good? ! Yes No
  • 13. Rivalry in Consumption Can one person’s use of a good reduce others use? ! Can two people consume at the same time without reducing?
  • 14.
  • 15. Exclude others ! When I consume it diminishes
  • 17. Public Goods Goods that are neither excludable nor rival in consumption. ! Cannot exclude Everyone can consume without reducing amount
  • 18.
  • 20. Free Rider a person who receives a benefit but does not pay for it
  • 22. Basic Research ! Everybody Benefits
  • 24. Common Resources Goods that rival in consumption but are not excludable ! Cannot exclude others If I consume, you cannot
  • 25.
  • 26. Common Resource ! Drink as fast as possible before it runs out
  • 27.
  • 29. Private Good Each person has his own cup
  • 30. Which method will incentivize people to not waste the resource? Share one cup Each person gets their own cup
  • 31.
  • 32.
  • 33.
  • 34.
  • 35.
  • 36.
  • 37. Tragedy of the Commons
  • 38. Tragedy of the Commons If everyone owns it, no one owns it
  • 39. Tragedy of the Commons If everyone owns it, no one owns it Privatize the commons
  • 40.
  • 41.
  • 42.
  • 43.
  • 45. Property Rights Reduce contention ! Create wealth
  • 47. Club Goods Goods that are excludable but not rival in consumption ! Can exclude others Everyone can consume without reducing amount
  • 48.
  • 49.
  • 51. Excludable? Can people be prevented from consuming?
  • 52. Yes Excludable? Can people be prevented from consuming?
  • 53. Yes Excludable? Can people be prevented from consuming? No
  • 54. Rival in Consumption? Yes Excludable? Can people be prevented from consuming? No
  • 55. Rival in Consumption? Yes Excludable? No Is it reduced when one person consumes? Can people be prevented from consuming?
  • 56. Rival in Consumption? Yes Yes Excludable? No Is it reduced when one person consumes? Can people be prevented from consuming?
  • 57. Rival in Consumption? Yes No Yes Excludable? No Is it reduced when one person consumes? Can people be prevented from consuming?
  • 58. Rival in Consumption? Is it reduced when one person consumes? Yes No Yes Excludable? No Private Goods Can people be prevented from consuming?
  • 59. Rival in Consumption? Is it reduced when one person consumes? Yes No Yes Excludable? No Private Goods Snickers Bar Can people be prevented from consuming?
  • 60. Rival in Consumption? Is it reduced when one person consumes? Yes No Yes Excludable? No Private Goods Snickers Bar Car Can people be prevented from consuming?
  • 61. Rival in Consumption? Is it reduced when one person consumes? Yes No Yes Excludable? No Private Goods Snickers Bar Car Pizza Can people be prevented from consuming?
  • 62. Rival in Consumption? Is it reduced when one person consumes? Yes No Yes Excludable? No Private Goods Snickers Bar Car Pizza Can people be prevented from consuming?
  • 63. Rival in Consumption? Is it reduced when one person consumes? Yes No Yes Excludable? No Private Goods Snickers Bar Car Pizza Common Resources Can people be prevented from consuming?
  • 64. Rival in Consumption? Is it reduced when one person consumes? Yes No Yes Excludable? No Private Goods Snickers Bar Car Pizza Common Resources Fish in Ocean Can people be prevented from consuming?
  • 65. Rival in Consumption? Is it reduced when one person consumes? Yes No Yes Excludable? No Private Goods Snickers Bar Car Pizza Common Resources Fish in Ocean Air Can people be prevented from consuming?
  • 66. Rival in Consumption? Is it reduced when one person consumes? Yes No Yes Excludable? No Private Goods Common Resources Public Goods Snickers Bar Car Pizza Fish in Ocean Air Can people be prevented from consuming?
  • 67. Rival in Consumption? Is it reduced when one person consumes? Yes No Yes Excludable? No Private Goods Common Resources Public Goods Snickers Bar Car Pizza Fireworks Fish in Ocean National Defense Air Can people be prevented from consuming?
  • 68. Rival in Consumption? Is it reduced when one person consumes? Yes No Yes Excludable? No Private Goods Common Resources Club Goods Public Goods Snickers Bar Car Pizza Fireworks Fish in Ocean National Defense Air Can people be prevented from consuming?
  • 69. Rival in Consumption? Is it reduced when one person consumes? Yes No Yes Excludable? No Private Goods Common Resources Club Goods Public Goods Snickers Bar Car Pizza Satellite TV Fireworks Fish in Ocean National Defense Air Can people be prevented from consuming?
  • 70. Rival in Consumption? Is it reduced when one person consumes? Yes No Yes Excludable? No Private Goods Common Resources Club Goods Public Goods Snickers Bar Car Pizza Satellite TV Paintings Fireworks Fish in Ocean National Defense Air Can people be prevented from consuming?