政府经济学Chapter 4 Market failureWord格式文档下载.docx
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政府经济学Chapter 4 Market failureWord格式文档下载.docx
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政府经济学Chapter4Marketfailure@#@Chapter4Marketfailure@#@Lastchapterconcludedthatmarketsfunctionwell,marketsbringaboutanefficientallocationofresourceswithoutanyneedforcoordinationthroughgovernmentintervention.Forthisconclusion,wemadeseveralassumptionsabouthowmarketswork.Whentheseassumptionsdonothold,ourconclusionthatthemarketequilibriumisefficientmaynolongerbetrue.Inthischapter,letconsiderbrieflythreeofthemostimportantoftheseassumptions.@#@First,ouranalysisassumedthatmarketsareperfectlycompetitive.Intheworld,however,competitionissometimesfarfromperfect.Insomemarkets,asinglebuyerorseller(orasmallgroupofthem)maybeabletocontrolmarketprices.Thisabilitytoinfluencepricesiscalledmarketpower.Marketpowercancausemarketstobeinefficientbecauseitkeepsthepriceandquantityawayfromtheequilibriumofsupplyanddemand.@#@Second,ouranalysisassumedthattheoutcomeinamarketmattersonlytothebuyersandsellersinthatmarket.Yet,intheworld,thedecisionsofbuyersandsellerssometimesaffectpeoplewhoarenotparticipantsinthemarketatall.Pollutionistheclassicexampleofamarketoutcomethataffectspeoplenotinthemarket.Suchsideeffects,calledexternalities,causewelfareinamarkettodependonmorethanjustthevaluetothebuyersandthecosttothesellers.Becausebuyersandsellersdonnottakethesesideeffectsintoaccountwhendecidinghowmuchtoconsumeandproduce,theequilibriuminamarketcanbeinefficientfromthestandpointofsocietyasawhole.@#@Third,allmarketparticipantshavethesameinformationaboutthenatureofthegoodandthecircumstancesunderwhichitistraded.Yet,intheworld,thereisasymmetricinformationbetweenbuyersandsellers.@#@Ifoneormoreoftheseassumptionsdoesnothold,themarketsystemdoesnotgiverisetoanefficientoutcome(i.e.thefirsttheoremdoesnothold).Theseinefficientoutcomesarecalledmarketfailure.Theprincipaltypesofmarketfailurearediscussedbelow.@#@4.1Publicgoods@#@Inthecaseofpublicgoodsforinstance,themarketfailsbecauseofthepropertieswhichcharacterizeapublicgood:
@#@non-rivalryandnon-excludability.Non-rivalryimpliesthatoneunitofthegoodcanbeconsumedsimultaneouslybyallconsumersandnon-excludabilitymeansthatitisimpossibletopreventconsumersconsumingthegoodwhentheyhavenotpaidforit.@#@Alighthouseisaclassicexampleofapublicgood.Thelighthousesignalthatwarnsoneshipawayfromadangerousreefwarnsall.Whetherthelighthousewarnsasingleshiporathousand,thecostisthesame.Forthisreason,apublicgoodiscallednon-rival.Inadditiontobeingnon-rival,manypublicgoodsarealsonon-excludable.Agoodisnon-excludableifthereisnopracticalwayofdenyingittopeoplewhowillnotpayforit.Alighthouseisalsonon-excludable,becauseitwouldbedifficultorimpossibleforaprivatefirmtochargeafeetoashipfrothebenefitofseeingthewarningsignalfromthelighthouse.@#@Asaconsequence,themarketmaysupplytoolittleofthepublicgoodorfailtosupplythegoodcompletely.Becausenon-excludabilitymeansthatthefirmsareunabletosetafeefortheuseofthepublicgoodsthattheyprovide,andhencecanonlycovertheircostsiftheusersmakevoluntarypayment.Thissituationgivesrisetothefreeriderproblemeachuserisconfrontedwiththefollowingchoice:
@#@hecancontributetotheprovisionofthepublicgoodandenjoyitsbenefits,orhecankeephismoneyinhispocketsandenjoyitsbenefitsanyway.Notsurprisingly,peoplefacedwiththischoiceprovetobereluctanttopartwiththeirmoney.Totalcontributionsarerelativelysmall,soonlyasmallquantityofthepublicgoodisultimatelyprovided.Everypersonwouldbebetteroffifeveryonecouldbeforcedtogivealittlemore.Governments,whentheyfinancetheprovisionofpublicgoodsthroughtaxes,arethereforeengaginginasociallybeneficialformofcoercion.@#@Whiletheunder-provisionofpublicgoodstakesitsmostdramaticformwhenthepublicgoodis“pure”,theprovisionofless-than-purepublicgoodsisalsoproblematic.Ifagoodisnon-rivalrousbutexcludable,aprivateproviderofthatgoodcanonlyremaininbusinessbychargingtheuserapositiveprice.Thispracticeresultsintheexclusionofsomepotentialusers.Theprovider’sinterestsareatoddswiththoseofsociety,becausesociety’swelfareismaximizedbyexcludingnoone.@#@@#@4.2Externalities@#@4.2.1Introduction@#@Anexternalityariseswhenapersonengagesinanactivitythatinfluencesthewell-beingofabystanderandyetneitherpaysnorreceivesandcompensationforthateffect.Or,Anexternalitycanoccurwhenaperson’sutilityisaffectedbyanotherperson’sconsumptionorbyafirm’sproductionactivities.Aswell,anexternalit
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