Tsinghua Micro Ch35 Public Good(清华 李稻葵)s课件共102页
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U (w ቤተ መጻሕፍቲ ባይዱp ,1 ) . Reservation price r is defined by
U ( w , 0 ) U ( w r , 1 ) .
Reservation Prices; An Example
Consumer’s utility is U ( x 1 , x 2 ) x 1 ( x 2 1 ) .
When Should a Public Good Be Provided?
Payments must be individually rational; i.e. and U A ( w A , 0 ) U A ( w A g A , 1 )
U B ( w B , 0 ) U B ( w B g B , 1 ) .
Therefore, necessarily gArA and gBrB.
When Should a Public Good Be Provided?
And if U A ( w A , 0 ) U A ( w A g A , 1 ) and U B ( w B , 0 ) U B ( w B g B , 1 )
then it is Pareto-improving to supply the unit of good
When Should a Public Good Be Provided?
And if U A ( w A , 0 ) U A ( w A g A , 1 ) and U B ( w B , 0 ) U B ( w B g B , 1 )
When Should a Public Good Be Provided?
Payments must be individually rational; i.e. and U A ( w A , 0 ) U A ( w A g A , 1 )
U B ( w B , 0 ) U B ( w B g B , 1 ) .
consume all of the good.
Public Goods -- Examples
Broadcast radio and TV programs. National defense. Public highways. Reductions in air pollution. National parks.
p 1
p 1
Reservation Prices; An Example
Reservation price r is defined by
V ( w , 0 ) V ( w r , 1 )
I.e. by
w2(w r) rw .
p1 p1
2
When Should a Public Good Be Provided?
One unit of the good costs c. Two consumers, A and B. Individual payments for providing the public good are gA and gB. gA + gB c if the good is to be provided.
U (w p ,1 ) .
Reservation Prices
A consumer’s reservation price for a unit of a good is his maximum willingness-to-pay for it. Consumer’s wealth is w . Utility of not having the good is U (w ,0). Utility of paying p for the good is
Public Goods -- Definition
A good is purely public if it is both nonexcludable and nonrival in consumption. – Nonexcludable -- all consumers
can consume the good. – Nonrival -- each consumer can
Utility of not buying a unit of good 2 is
V (w ,0)w (01 )w .
p 1
p 1
Utility of buying one unit of good 2 at
price p is
V ( w p ,1 ) w p ( 1 1 ) 2 ( w p ) .
Reservation Prices
A consumer’s reservation price for a unit of a good is his maximum willingness-to-pay for it. Consumer’s wealth is w . Utility of not having the good is U (w ,0). Utility of paying p for the good is
Reservation Prices
A consumer’s reservation price for a unit of a good is his maximum willingness-to-pay for it. Consumer’s wealth is w . Utility of not having the good is U (w ,0).
Tsinghua Micro Ch35 Public Good(清华 李稻葵)s
课件
Chapter Thirty-Five
Public Goods
Main Issues
Reservation Price Necessary and Sufficient conditions for providing public good to be Pareto Improvement Free Riding Problem Lindahl Equilibrium Demand Revelation
U ( w , 0 ) U ( w r , 1 ) .
Reservation Prices; An Example
Consumer’s utility is U ( x 1 , x 2 ) x 1 ( x 2 1 ) .
When Should a Public Good Be Provided?
Payments must be individually rational; i.e. and U A ( w A , 0 ) U A ( w A g A , 1 )
U B ( w B , 0 ) U B ( w B g B , 1 ) .
Therefore, necessarily gArA and gBrB.
When Should a Public Good Be Provided?
And if U A ( w A , 0 ) U A ( w A g A , 1 ) and U B ( w B , 0 ) U B ( w B g B , 1 )
then it is Pareto-improving to supply the unit of good
When Should a Public Good Be Provided?
And if U A ( w A , 0 ) U A ( w A g A , 1 ) and U B ( w B , 0 ) U B ( w B g B , 1 )
When Should a Public Good Be Provided?
Payments must be individually rational; i.e. and U A ( w A , 0 ) U A ( w A g A , 1 )
U B ( w B , 0 ) U B ( w B g B , 1 ) .
consume all of the good.
Public Goods -- Examples
Broadcast radio and TV programs. National defense. Public highways. Reductions in air pollution. National parks.
p 1
p 1
Reservation Prices; An Example
Reservation price r is defined by
V ( w , 0 ) V ( w r , 1 )
I.e. by
w2(w r) rw .
p1 p1
2
When Should a Public Good Be Provided?
One unit of the good costs c. Two consumers, A and B. Individual payments for providing the public good are gA and gB. gA + gB c if the good is to be provided.
U (w p ,1 ) .
Reservation Prices
A consumer’s reservation price for a unit of a good is his maximum willingness-to-pay for it. Consumer’s wealth is w . Utility of not having the good is U (w ,0). Utility of paying p for the good is
Public Goods -- Definition
A good is purely public if it is both nonexcludable and nonrival in consumption. – Nonexcludable -- all consumers
can consume the good. – Nonrival -- each consumer can
Utility of not buying a unit of good 2 is
V (w ,0)w (01 )w .
p 1
p 1
Utility of buying one unit of good 2 at
price p is
V ( w p ,1 ) w p ( 1 1 ) 2 ( w p ) .
Reservation Prices
A consumer’s reservation price for a unit of a good is his maximum willingness-to-pay for it. Consumer’s wealth is w . Utility of not having the good is U (w ,0). Utility of paying p for the good is
Reservation Prices
A consumer’s reservation price for a unit of a good is his maximum willingness-to-pay for it. Consumer’s wealth is w . Utility of not having the good is U (w ,0).
Tsinghua Micro Ch35 Public Good(清华 李稻葵)s
课件
Chapter Thirty-Five
Public Goods
Main Issues
Reservation Price Necessary and Sufficient conditions for providing public good to be Pareto Improvement Free Riding Problem Lindahl Equilibrium Demand Revelation