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Environmental Economics: Society and Environmental Issues Free ...

Source: www.life.uiuc.edu
Topic: Environmental Economics

Sort Desciption: Environmental Economics:. The theories behind risk assessment and risk. management. Chapter 13: omit. pp 322-323 Pareto Optima and General Competitive ...

Content Inside: 1 Environmental Economics: The theories behind risk assessment and risk management Chapter 13: omit pp 322-323 Pareto Optima and General Competitive Equilibrium pp 279-280 Social Welfare Function Society and Environmental Issues Political systems determine who makes decisions Centralized dictatorships Little or no input from public Democracies Variable amounts of input from public Societal values determine basis for decisions China in the cultural revolution and now US 19 century robber barons vs 20th century regulated commerce Economic system determines how prices are set Centralized planning Free market Free Market Most efficient way to transfer goods Only involves transfer of goods Post-transaction taxes do not interfere with markets Labor is also a commodity Conditions Homogeneous commodity Sufficiently many buyers and sellers No near monopolies Many transactions Each transaction is a small part of the market Buyers and sellers have perfect knowledge about prices Buyers and sellers maximize their own advantage Price is the only signal used to allocate goods Example Tomatos at the Urbana Farmers Market Reality of Markets Homogeneous commodity or various qualities? Computers? Cars? Mobile phones? Price as the only signal for allocating goods? Perfect knowledge of prices among buyers? Internet Many sellers or near monopolies? 5 grain dealers control >90% of US grain sales 1970s: 3 automobile manufacturers until 1990: AT&T Each transaction a minor part of the whole market? Car dealerships Labor Knowledge of jobs at a distance? Difficulty moving to take advantage of new opportunities? 2 Characteristics of Goods in a Free Market Rivalry Purchase of an item reduces its supply for other people Excludability Buyer is the only one with access to the product If I pay only I benefit All costs of production are included in the price No externalities Water pollution from paper mills ---> cheaper paper Emergency r ...

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