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Economic Policy and Market Regulation Part 3

Economic Policy and Market Regulation Part 3. Dr. Stefan Kooths BiTS Berlin (winter term 2013/2014) www.kooths.de/bits-ep. Outline. Introduction and Overview Market Mechanisms and Government Interventions Externalities and Public Goods Technological externalities

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Economic Policy and Market Regulation Part 3

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  1. Economic Policy and Market RegulationPart 3 Dr. Stefan Kooths BiTS Berlin(winter term 2013/2014) www.kooths.de/bits-ep

  2. Outline • Introduction and Overview • Market Mechanisms and Government Interventions • Externalities and Public Goods • Technological externalities • Public goods and common resources • Competition Policy and Regulation • Ordoliberalism and the Social Market Economy • Summary: The Key Lessons Learnt

  3. Technological vs. pecuniary externalities

  4. Positive externalities: Private and social utility

  5. Negative externalities: Private and social cost

  6. Policy instruments: Incentive-based vs. command-and-control

  7. Criteria: Static efficiency, dynamic efficiency, and effectiveness

  8. Moral suasion

  9. Nationalization

  10. Public orders

  11. Pigou-taxes/subsidies Arthur Cecil Pigou(1877—1959)

  12. Cap-and-trade (example: pollution permits)

  13. Bargaining: The Coase theorem Ronald Coase(1910—2013)

  14. Outline • Introduction and Overview • Market Mechanisms and Government Interventions • Externalities and Public Goods • Technological externalities • Public goods and common resources • Competition Policy and Regulation • Ordoliberalism and the Social Market Economy • Summary: The Key Lessons Learnt

  15. Classification of goods: Excludability and rivalry

  16. Private vs. collective goods: Aggregating individual demand

  17. Non-excludability: The free-rider problem

  18. Managing collective goods: Quantities, prices, and willingness to pay

  19. Providing public goods: Cost-benefit analysis

  20. The Tragedy of the Commons

  21. Common resources and property rights

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