Daily Assignment Sept 5 - Daily Assignment#2 When Should Government Intervene Wed September 5 Readings Dueling Failures Comparative Institutional

Daily Assignment Sept 5 - Daily Assignment#2 When Should...

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Daily Assignment #2 When Should Government Intervene? Wed, September 5 Readings “Dueling Failures: Comparative Institutional Analysis and the Logic of Policy,” Mark Kleiman & Steven Teles (Collab) John Stuart Mill, On Liberty Chapters I, IV & V (Collab) Key Concepts Market Failures lead to suboptimal results through inefficiency and dominance Free rider problem utilization of goods and resources by people who haven’t paid for them, thus they are free-riders on the payments of others; nobody wants to pay to correct a problem since everyone would be benefitting from it even if they don’t pay to help 2 Pareto Optimum state in which the well- being of a person can’t be improved without worsening that of at least one other person Uncertainty/imperfect information imbalance in information distribution Internalities charge or pay to each imposer or benefiter a sum equal to the cost or benefit Risk Aversion implies the existence of potential utility gains from risk sharing Pure public goods
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  • Fall '11
  • Kleiman
  • Economics, Market failure

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