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Externalities: Problems and Solutions

externalities : Problems and Solutions131 Undergraduate Public EconomicsEmmanuel SaezUC Berkeley1 OUTLINEC hapter Externality Private-Sector Solutions to Negative Public-Sector Remedies for Distinctions Between Price and Quantity Approaches toAddressing Conclusion2 externalities : Problems AND SOLUTIONSM arket failure: A problem that violates one of the assump-tions of the 1st welfare theorem and causes the market econ-omy to deliver an outcome that does not maximize efficiencyExternality: externalities arise whenever the actions of oneeconomic agent make another economic agent worse or betteroff, yet the first agent neither bears the costs nor receives thebenefits of doing so:Example: a steel plant that pollutes a river used for recreationExternalities are one example of market failure3 EXTERNALITY theory : ECONOMICS OFNEGATIVE PRODUCTION EXTERNALITIESN egative production externality: When a firm s productionreduces the well-being of others who are not compensated bythe marginal cost (PMC): The direct cost to producersof producing an additional unit of a goodMarginal Damage (MD): Any additional costs associatedwith the production of the good that are imposed on othersbut that producers do not paySocial marginal cost (SMC = PMC + MD): The privatemarginal cost to producers plus marginal damageExample: steel plant pollutes a river but

OUTLINE Chapter 5 5.1 Externality Theory 5.2 Private-Sector Solutions to Negative Externalities 5.3 Public-Sector Remedies for Externalities 5.4 Distinctions Between Price and Quantity Approaches to Addressing Externalities 5.5 Conclusion 2

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