PPPM 201 Study Guide - Midterm Guide: Market Failure, Externality, Policy Analysis

• School: University of Oregon
• Department: Planning, Public Policy and Management
• Course: PPPM 201
• Professor: Clark

Document Summary

Policy option and policy outcomes, whose goals is to. Discipline to analyse public choices and decision making. Explain the two dimensions on which these two goods are exchanged: ability to be jointly consumed and exclusivity. See page 23 in book: pure private goods, pure public goods, common pool resources, toll goods. Information failure: to have perfect competition, willing buyers and sellers must have all of the info needed to enter into a transaction or exchange. When the info is not fully or easily available, a market failure may occur. Inability to provide for the public or collective good: the ability to exclude someone from getting the good and the ability to jointly consume the good . Exclusion in us generally occurs through pricing: public good (also collective good): the general good of all people in a community, state, or nation.