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Economic Policy and Market Regulation Part 3 Dr. Stefan Kooths BiTS Berlin (winter term 2013/2014) www.kooths.de/bits-ep KOOTHS | BiTS: Economic Policy and Market Regulation (winter term 2013/2014), Part 3 1 Outline 1. Introduction and Overview 2. Market Mechanisms and Government Interventions 3. Externalities and Public Goods Technological externalities Public goods and common resources 4. Competition Policy and Regulation 5. Ordoliberalism and the Social Market Economy 6. Summary: The Key Lessons Learnt KOOTHS | BiTS: Economic Policy and Market Regulation (winter term 2013/2014), Part 3 2 Technological vs. pecuniary externalities KOOTHS | BiTS: Economic Policy and Market Regulation (winter term 2013/2014), Part 3 3 Positive externalities: Private and social utility KOOTHS | BiTS: Economic Policy and Market Regulation (winter term 2013/2014), Part 3 4 Negative externalities: Private and social cost KOOTHS | BiTS: Economic Policy and Market Regulation (winter term 2013/2014), Part 3 5 Policy instruments: Incentive-based vs. command-and-control KOOTHS | BiTS: Economic Policy and Market Regulation (winter term 2013/2014), Part 3 6 Criteria: Static efficiency, dynamic efficiency, and effectiveness KOOTHS | BiTS: Economic Policy and Market Regulation (winter term 2013/2014), Part 3 7 Moral suasion KOOTHS | BiTS: Economic Policy and Market Regulation (winter term 2013/2014), Part 3 8 Nationalization KOOTHS | BiTS: Economic Policy and Market Regulation (winter term 2013/2014), Part 3 9 Public orders KOOTHS | BiTS: Economic Policy and Market Regulation (winter term 2013/2014), Part 3 10 Pigou-taxes/subsidies Arthur Cecil Pigou (1877—1959) KOOTHS | BiTS: Economic Policy and Market Regulation (winter term 2013/2014), Part 3 11 Cap-and-trade (example: pollution permits) KOOTHS | BiTS: Economic Policy and Market Regulation (winter term 2013/2014), Part 3 12 Bargaining: The Coase theorem Ronald Coase (1910—2013) KOOTHS | BiTS: Economic Policy and Market Regulation (winter term 2013/2014), Part 3 13 Outline 1. Introduction and Overview 2. Market Mechanisms and Government Interventions 3. Externalities and Public Goods Technological externalities Public goods and common resources 4. Competition Policy and Regulation 5. Ordoliberalism and the Social Market Economy 6. Summary: The Key Lessons Learnt KOOTHS | BiTS: Economic Policy and Market Regulation (winter term 2013/2014), Part 3 14 Classification of goods: Excludability and rivalry Rivalry? Classification matrix yes no yes Private good Club good no Quasi-public good Public good Excludability? KOOTHS | BiTS: Economic Policy and Market Regulation (winter term 2013/2014), Part 3 15 Private vs. collective goods: Aggregating individual demand KOOTHS | BiTS: Economic Policy and Market Regulation (winter term 2013/2014), Part 3 16 Non-excludability: The free-rider problem KOOTHS | BiTS: Economic Policy and Market Regulation (winter term 2013/2014), Part 3 17 Managing collective goods: Quantities, prices, and willingness to pay KOOTHS | BiTS: Economic Policy and Market Regulation (winter term 2013/2014), Part 3 18 Providing public goods: Cost-benefit analysis KOOTHS | BiTS: Economic Policy and Market Regulation (winter term 2013/2014), Part 3 19 The Tragedy of the Commons KOOTHS | BiTS: Economic Policy and Market Regulation (winter term 2013/2014), Part 3 20 Common resources and property rights KOOTHS | BiTS: Economic Policy and Market Regulation (winter term 2013/2014), Part 3 21