P11-public-goods - ECON 201 1 16 Public goods ECON 201...

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Unformatted text preview: ECON 201 1 / 16 Public goods ECON 201 Public goods Public goods Two properties of goods Taxonomy Examples of free riding games Example 1 Normal form Version 1 Version 2 Example 2: housework Analysis Illustration Example 3: hiring guards (continuous), p625 Corner solution Diagram Fig 17.6 ECON 201 2 / 16 Two properties of goods Public goods Two properties of goods Taxonomy Examples of free riding games Example 1 Normal form Version 1 Version 2 Example 2: housework Analysis Illustration Example 3: hiring guards (continuous), p625 Corner solution Diagram Fig 17.6 ECON 201 3 / 16 square rivalry: one person’s consumption does not prevent consumption of the same unit by another square excludability: it is possible to prevent non-payers from consuming Private goods are rival and excludable Public goods are nonrival, and are sometimes also nonexcludable Examples of free riding games Public goods Two properties of goods Taxonomy Examples of free riding games Example 1 Normal form Version 1 Version 2 Example 2: housework Analysis Illustration Example 3: hiring guards (continuous), p625 Corner solution Diagram Fig 17.6 ECON 201 5 / 16 1. hiring a guard (discrete), p6271....
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P11-public-goods - ECON 201 1 16 Public goods ECON 201...

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