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Lecture Managerial economics (8e): Chapter 11 - Samuelson, Marks

Chapter 11 - Regulation, public goods, and benefit-cost analysis. This chapter focuses on the microeconomic function of government. In this sphere, the government has two main roles: to regulate private markets by providing basic rules and correcting for market failures that would otherwise result in inefficient production or consumption, and to provide certain desirable public goods and services that are not, or cannot be, provided via private markets. | Chapter eleven Regulation, Public Goods, and Benefit-Cost Analysis How many people does it take to screw in a light bulb? Economist: None, the market will do it. Consumer Advocate: None, the regulators will do it. ~Dennis Carlton and Jeffrey Perloff For Discussion The FDA, AZT, and AIDS Azidothymidine, or AZT, retards multiplication of the AIDS virus in cells. I. Market failures and regulation Market failure Due to Monopoly Rent Seeking Government Responses Breaking Up Existing Monopolies Preventing Monopolistic Practices Preventing Mergers that Reduce Competition Preventing Collusion The United States versus Microsoft Market Failure Due to externalities Remedying Externalities Taxes Quantity Limits Private Payments Global Warming Figure 11.1 Production accompanied by an externality Figure 11.2 Optimal regulation of an externality Market Failure Due to externalities Promoting Positive Externalities Promoting Research The Patent System Copyright Regulatory Reform and Deregulation . | Chapter eleven Regulation, Public Goods, and Benefit-Cost Analysis How many people does it take to screw in a light bulb? Economist: None, the market will do it. Consumer Advocate: None, the regulators will do it. ~Dennis Carlton and Jeffrey Perloff For Discussion The FDA, AZT, and AIDS Azidothymidine, or AZT, retards multiplication of the AIDS virus in cells. I. Market failures and regulation Market failure Due to Monopoly Rent Seeking Government Responses Breaking Up Existing Monopolies Preventing Monopolistic Practices Preventing Mergers that Reduce Competition Preventing Collusion The United States versus Microsoft Market Failure Due to externalities Remedying Externalities Taxes Quantity Limits Private Payments Global Warming Figure 11.1 Production accompanied by an externality Figure 11.2 Optimal regulation of an externality Market Failure Due to externalities Promoting Positive Externalities Promoting Research The Patent System Copyright Regulatory Reform and Deregulation Market failure due to imperfect information Business Behavior—Assessing Risks II. Benefit-Cost Analysis and Public Goods Provision Public Goods Public Goods and Efficiency Building a Highway Figure 11.3 Optimal output of a pure public good The Basics of Benefit-Cost analysis Applying the Net Benefit Rule Dollar Values Efficiency versus Equity Evaluating a Public Project Public Investment in a Bridge Public Pricing Regulating the Ferry Figure 11.4 A Benefit-Cost Analysis of Building a Bridge Valuing benefits and costs Market Values Nonmarketed Benefits and Costs Direct Elicitation Indirect Market Measures Socially Determined Values Valuing Lives The FDA, AZT, and AIDS .