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页数:12页
时间:2019-09-21
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1、111Acemoglu,Laibson,andList
2、MicroeconomicsChapter9ExternalitiesandPublicGoodsQuestions1.Whyareexternalitiescalledmarketfailures?Arepecuniaryexternalitiesalsoanexampleofmarketfailure?Answer:Externalitiesarecalledmarketfailuresbecausethemarketallocatesresourceswithoutconsideringthecostsa
3、ndbenefitsofexternalities.Sincefirmsandindividualsdonotconsiderexternalitieswhentheymakechoices,themarketfailstoarriveatasociallyefficientoutcome.Pecuniaryexternalitiesarenotmarketfailuresbecausetheydonotresultinmarketinefficiencies.Pecuniaryexternalitiesexistwhenmarkettransactionsaffe
4、ctthirdparties,butonlythroughthemarketprice.Themarketpricewillthencorrectlyreflectthesociety-wideimpactofmarkettransactionsandthereforepecuniaryexternalitiesarenotmarketfailures.2.Explainwhetherthefollowingareexamplesofexternalities.a.Alishadidnotsleepwellbecauseherneighborwasplayinglo
5、udmusic.b.Rochellewaslateforajobinterviewbecauseheralarmdidnotgooff.c.José,whoisallergictopollen,issickfromtheflowersthatgrowinhisgarden.Answer:a.Thisisanexampleofanegativeexternality.LoudmusicplayedbyherneighborhasaspillovereffectonAlishaassheisunabletosleep.b.Thisisnotanexampleofanex
6、ternality.Rochellewaslatebecauseheralarmdidnotgooff.Thereisnospillovercostherethatisaffectingsomeonewhoisnotinvolvedintheactivity.c.Thisisnotanexampleofanexternality.SinceJoséissickfromtheflowersthatgrowinhisowngarden,heisdirectlyengagedintheactivity.Notethatifhisneighborgotsick,thenit
7、wouldqualifyasanexternality.3.Educationisconsideredasaconsumergoodwithpositiveexternalityinthataneducatedpersontendstoalsobenefitotherpartiesinthesocietywhoarethenon-consumers.Whydoestheinvisiblehandfailtogeneratethesocialefficientoutcomeintheeducationmarket?Answer:Themarginalsocialben
8、efitofeducationwithpositiveexternalityisgreaterthanitsmarginalprivatebenefitgivenbythemarketdemandcurve.Sincebuyersandsellersonlyconsiderthemarginalprivatebenefit,theinvisiblehandwilldrivethequantitytowardsmarketequilibriumquantitywheremarginalprivatebenefitequalsmarginalcostwhichisl
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