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Lecture 12

EC120 Lecture Notes - Lecture 12: Overgrazing, Price Ceiling, Market Failure


Department
Economics
Course Code
EC120
Professor
All
Lecture
12

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
Chapter 11: Public goods and common resources
 ! "#$#%&
$ '$# '##()"
$* #$ !+'" '&
Excludable:  , '$-.'&#/0
'#,-#  #/
1rival in consumpon $ 2$2
'3#,#'# ",$
Public goods
'# "!42$
53#,#0$'# 6
5 ', "% "#(&
5 #$'!,# ###5,&
7(#$ ' ',$free-rider problem
5 ,.$,' $##53#,#
5 . '5 $ "'3#
5 #! '$,##"'#'#$ '
5 #$'!$,.8'# ' $3
,.,,.##(#
Cost-benet analysis: ,.$ ' ,# 
( '$ ,#(#$ '
Common Resources
53#,#
5  '$$
5 96#"'$. '
5 #$' '
,#!'# " 22,#
5 #$'!'
 
& #
& 
:& ;###$
Tragedy of the Commons
1 ,#####,#
<=!'# > ,####*
1  #",$ ,$#.3 
$'>
5 *3#!?>#)#$$#
5 #"3##'$#
'"'-#$$/#"'-$##/
5 "'40#$#>$?2## $ ,#
#!  ## $#'
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