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Economic Policy and Market Regulation Part 3

This course explores market mechanisms, government interventions, externalities, public goods, competition policy, and regulation in the context of economic policy and market regulation. It covers topics such as technological and pecuniary externalities, criteria for policy instruments, moral suasion, nationalization, Pigou-taxes/subsidies, the Coase theorem, and the tragedy of the commons.

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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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