Trade-offs - Trade-Offs Study Guide Pol S 270 Study Guide POL S 270 Harold Winter's Trade-Offs The following study guide is to be used in

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Trade-Offs Study Guide Pol S 270 Study Guide – POL S 270 Harold Winter’s Trade-Offs The following study guide is to be used in conjunction with the readings, lectures and section discussions. Their purpose is to facilitate the learning process, not substitute for it. Some of the terms and questions presented in this study guide will not be discussed directly in class; they can only be found in the readings. Also, some of the questions don’t have definitive answers but are presented to stimulate your thinking. Important Terms Define and identify the significance of each of the following terms: trade-offs cost-benefit analysis social welfare (wealth) maximization public choice theory pecuniary costs non-pecuniary costs indifference private vs. social costs transaction costs market failure efficient theft gains from trade patent (copyright) protection price vs. value efficient theft rational addiction negative externality property rights property rule liability rule offsetting behavior (unintended consequences) moral hazard manufacturing defect design defect product liability (tort) law caveat emptor
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Trade-Offs Study Guide Pol S 270 Short Questions The following questions are designed to help you think more critically about the readings and lectures. We may or may not discuss them in class. They may or may not appear as exam questions. In any event, think your way through these questions and realize
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This note was uploaded on 05/20/2008 for the course POLS 270 taught by Professor Anthonygill during the Spring '08 term at University of Washington.

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Trade-offs - Trade-Offs Study Guide Pol S 270 Study Guide POL S 270 Harold Winter's Trade-Offs The following study guide is to be used in

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