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https://quizlet.com/_473dvo

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https://docs.google.com/document/d/1wJNr0KpYT7Ui1DJg9ioEZTZYNLAEiMrnpSnj-l0G4-w/edit

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1. Private
2. Public
3. Common Resource
4. Natural Monopoly

--> depend on excludability and rivalry in consumption

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a person can be prevented from using the good

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one person's use of the good diminishes other people's use

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free-rider problem is a market failure because the external benefits (externalities) are not taken into account

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private company wanting to put on a fireworks display when there are already public ones to view, free of charge

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Because public goods are not excludable, the free-rider problem prevents the private market from supplying the goods

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Because public goods are not excludable, the free-rider problem prevents the private market from supplying the goods

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the government can provide the public good through tax revenue though

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most expensive public good

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general knowledge (not tech. spillover)
--> because of free-rider problem, society usually devotes too few resources to creating new knowledge

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antipoverty and welfare programs are deemed public goods by supporters of the programs

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impossible to price an abstract value or benefit

rough estimate at best

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https://www.youtube.com/watch?v=jSuETYEgY68

http://www.criticalcommons.org/Members/economicstube/clips/pee_in_pool.wmv/view

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number of users of the good increase while the amount of the good available stays constant..... ISSUE!!!
- social and private incentives differ

externality of depleting the available goods

Can be turned into a private good sometimes

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private decision makers use common resources too much

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government regulation tries to avoid complete environmental degradation

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open roads  = public good

congested roads = common resource

the use of a crowded road diminishes the other people's use because traffic increases

rival in consumption

however, a TOLL road (congested or not) is a private good

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ocean = least regulated common resource
excessive fishing can destroy its commercial value

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clothing

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national defense

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fish in the ocean

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cable TV

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where the oil pool crosses several pieces of property (so who owns it!?)