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- Всего слайдов:54 слайда
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Слайды и текст к этой презентации:
№2 слайд
![TOPIC OUTLINE Externalities](/documents_6/0ef61a8bac28676d8586157b1c8a3927/img1.jpg)
Содержание слайда: TOPIC OUTLINE
Externalities: Basic Concepts
Positive Externalities
Inefficiency with a Positive Externality
Public Policy to Improve Efficiency
Negative Externalities
Inefficiency with a Negative Externality
Public Policy to Improve Efficiency
Application: Resource Conservation
№7 слайд
![POSITIVE EXTERNALITIES](/documents_6/0ef61a8bac28676d8586157b1c8a3927/img6.jpg)
Содержание слайда: POSITIVE EXTERNALITIES
Private Benefits and Social Benefits
Marginal private benefit
The benefit to the consumer of an additional unit of a good or service.
Marginal external benefit
The benefit of an additional unit of a good or service that people other than the consumer of the good or service enjoy.
№8 слайд
![POSITIVE EXTERNALITIES](/documents_6/0ef61a8bac28676d8586157b1c8a3927/img7.jpg)
Содержание слайда: POSITIVE EXTERNALITIES
Private Benefits and Social Benefits
Marginal social benefit
The marginal benefit enjoyed by the entire society—by the consumers of a good or service and by everyone else who benefits from it.
Marginal social benefit is the sum of marginal private benefit and marginal external benefit:
MSB = MB + Marginal external benefit
№10 слайд
![POSITIVE EXTERNALITIES](/documents_6/0ef61a8bac28676d8586157b1c8a3927/img9.jpg)
Содержание слайда: POSITIVE EXTERNALITIES
Economic Efficiency with a Positive Externality
Market equilibrium is inefficient with a positive externality
If an external benefit is uninternalized, consumers choose the quantity at which marginal private benefit equals marginal cost. They ignore or are unaware of the external benefit received by others.
Efficiency requires that marginal social benefit be equal to marginal cost. Therefore, with an uninternalized external benefit, the market equilibrium is inefficient because of underproduction. There is too little of the good.
№13 слайд
![POSITIVE EXTERNALITIES Public](/documents_6/0ef61a8bac28676d8586157b1c8a3927/img12.jpg)
Содержание слайда: POSITIVE EXTERNALITIES
Public Policy and External Benefits
Internalizing an external benefit
Internalizing an external benefit means altering incentives so that consumers take into account the external effects of their actions.
When an external benefit is internalized
marginal private benefit equals marginal social benefit
in equilibrium, marginal social benefit equals marginal cost
therefore, the equilibrium is efficient.
№14 слайд
![POSITIVE EXTERNALITIES Public](/documents_6/0ef61a8bac28676d8586157b1c8a3927/img13.jpg)
Содержание слайда: POSITIVE EXTERNALITIES
Public Policy and External Benefits
Education is an example of a positive externality
We use education to illustrate public policy actions for internalizing an external benefit.
The external benefits from education can be internalized by
Public provision
Producer subsidies
Vouchers (consumer subsidies)
№19 слайд
![NEGATIVE EXTERNALITIES](/documents_6/0ef61a8bac28676d8586157b1c8a3927/img18.jpg)
Содержание слайда: NEGATIVE EXTERNALITIES
Private Costs and Social Costs
Marginal private cost
The cost of producing an additional unit of a good or service that is borne by the producer of that good or service.
Marginal external cost
The cost of producing an additional unit of a good or service that falls on people other than the producer.
№20 слайд
![NEGATIVE EXTERNALITIES](/documents_6/0ef61a8bac28676d8586157b1c8a3927/img19.jpg)
Содержание слайда: NEGATIVE EXTERNALITIES
Private Costs and Social Costs
Marginal social cost
The marginal cost incurred by the entire society—by the producer and by everyone else on whom the cost falls.
Marginal social cost is the sum of marginal private cost and marginal external cost:
MSC = MC + Marginal external cost
№22 слайд
![NEGATIVE EXTERNALITIES](/documents_6/0ef61a8bac28676d8586157b1c8a3927/img21.jpg)
Содержание слайда: NEGATIVE EXTERNALITIES
Economic Efficiency with a Negative Externality
Market equilibrium is inefficient with a negative externality
If an external cost is uninternalized, producers choose the quantity at which marginal benefit equals marginal private cost. They ignore or are unaware of the external cost imposed on others.
Efficiency requires that marginal benefit be equal to marginal social cost. Therefore, with an uninternalized external cost, the market equilibrium is inefficient because of overproduction. Too much of the good is produced.
№25 слайд
![NEGATIVE EXTERNALITIES Public](/documents_6/0ef61a8bac28676d8586157b1c8a3927/img24.jpg)
Содержание слайда: NEGATIVE EXTERNALITIES
Public Policy and External Costs
Internalizing an external cost
Internalizing an external cost means altering incentives so that producers take into account the external effects of their actions.
When an external cost is internalized
marginal private cost equals marginal social cost
in equilibrium, marginal social cost equals marginal benefit
therefore, the equilibrium is efficient.
№26 слайд
![NEGATIVE EXTERNALITIES Public](/documents_6/0ef61a8bac28676d8586157b1c8a3927/img25.jpg)
Содержание слайда: NEGATIVE EXTERNALITIES
Public Policy and External Costs
Pollution is an example of a negative externality
We use pollution to illustrate public policy actions for improving economic efficiency when there are external costs.
Zero pollution is not an option. Pollution imposes costs on society, but the production activities that generate pollution also confer benefits.
The objective is to balance the costs of pollution against the benefits from the goods and services whose production generates pollution—in other words, to find the optimal or efficient amount of pollution.
№28 слайд
![NEGATIVE EXTERNALITIES Public](/documents_6/0ef61a8bac28676d8586157b1c8a3927/img27.jpg)
Содержание слайда: NEGATIVE EXTERNALITIES
Public Policy and External Costs
Quasi-market policies to achieve optimal pollution
Economists favor quasi-market approaches that rely on incentives to improve efficiency when there is pollution.
Quasi-market approaches to reducing pollution include
Marketable permits (or tradable emission rights)
Emission charges
Pollution taxes
№29 слайд
![NEGATIVE EXTERNALITIES Public](/documents_6/0ef61a8bac28676d8586157b1c8a3927/img28.jpg)
Содержание слайда: NEGATIVE EXTERNALITIES
Public Policy and External Costs
Marketable permits
The optimal amount of pollution in a geographic area is determined based on marginal benefits and marginal costs. Each polluter is assigned a pro rata share of the total allowed pollution.
Polluters are allowed to buy and sell their pollution permits. In this way, a market is created in pollution rights and the market establishes prices for the right to pollute.
Polluters who can reduce pollution at relatively low cost sell their permits to polluters for whom pollution reduction would be relatively more costly.
№30 слайд
![NEGATIVE EXTERNALITIES Public](/documents_6/0ef61a8bac28676d8586157b1c8a3927/img29.jpg)
Содержание слайда: NEGATIVE EXTERNALITIES
Public Policy and External Costs
Emission charges
A price charged to polluters per unit of pollution. Emission charges have effects similar effects to pollution taxes.
Pollution taxes
A tax imposed on polluters equal to the marginal external cost of the polluting activity.
№32 слайд
![NEGATIVE EXTERNALITIES Public](/documents_6/0ef61a8bac28676d8586157b1c8a3927/img31.jpg)
Содержание слайда: NEGATIVE EXTERNALITIES
Public Policy and External Costs
Advantages of quasi-market policies
Quasi-market policies are more efficient than regulation in promoting economic efficiency and achieving optimal pollution.
The desired amount of pollution reduction is achieved at the lowest possible cost.
Because pollution rights have a price, polluters have incentives to substitute less-polluting technologies for existing technologies or to develop new less-polluting technologies.
№33 слайд
![NEGATIVE EXTERNALITIES Public](/documents_6/0ef61a8bac28676d8586157b1c8a3927/img32.jpg)
Содержание слайда: NEGATIVE EXTERNALITIES
Public Policy and External Costs
Regulation is costly and often inefficient because it
Shifts decision-making from consumers and producers who have better information about benefits and costs to bureaucrats and politicians who have less information about benefits and costs.
Is inflexible and slow to respond to changes in benefits and costs.
Is often politically motivated and promotes special interests rather than promoting economic efficiency and the public interest.
Imposes high administrative costs.
№34 слайд
![NEGATIVE EXTERNALITIES](/documents_6/0ef61a8bac28676d8586157b1c8a3927/img33.jpg)
Содержание слайда: NEGATIVE EXTERNALITIES
Private Action to Internalize an Externality
Private action is an alternative to public policy
Many externalities are internalized by private action—by private negotiation among the affected individuals, by adjustment of market prices, and by rearrangement of property rights. No public policy action is necessary to internalize these externalities.
If only a small number of individuals are involved and transaction costs are low, then private negotiation among the affected individuals can internalize an externality.
With complete and efficient markets, market prices may internalize externalities, increasing to reflect the value of an external benefit or decreasing to reflect an external cost.
№35 слайд
![NEGATIVE EXTERNALITIES Final](/documents_6/0ef61a8bac28676d8586157b1c8a3927/img34.jpg)
Содержание слайда: NEGATIVE EXTERNALITIES
Final Observation
Not every externality problem is worth solving
An uninternalized externality imposes an opportunity cost on society. The opportunity cost is the deadweight loss that arises from overproduction with a negative externality or underproduction with a positive externality.
But, there are also costs to internalizing an externality. Sometimes the costs of internalizing the externality are greater than the cost of the externality. In that case, the optimal action is no action—do nothing. Internalizing the externality costs more than it is worth.
№37 слайд
![APPLICATION RESOURCE](/documents_6/0ef61a8bac28676d8586157b1c8a3927/img36.jpg)
Содержание слайда: APPLICATION: RESOURCE CONSERVATION
Property Rights and Conservation
Private property encourages optimal conservation
Many people mistakenly believe that resources are more likely to be conserved for the future and less likely to be depleted if they are owned in common than if they are private property.
In fact, quite the opposite is true. Unlike common property rights, private property rights
provide incentives for optimal conservation of a resource and
ensure against too rapid depletion of a resource.
№38 слайд
![APPLICATION RESOURCE](/documents_6/0ef61a8bac28676d8586157b1c8a3927/img37.jpg)
Содержание слайда: APPLICATION: RESOURCE CONSERVATION
Common Property Resources
Definition
A resource for which rights are held in common by a group of individuals none of whom has exclusive ownership. With common property resources, property rights are absent or incomplete.
Typically, the only right to a common property resource that an individual possesses is the right to current use of the resource. In particular, an individual has no guaranteed future interest in the resource.
№39 слайд
![APPLICATION RESOURCE](/documents_6/0ef61a8bac28676d8586157b1c8a3927/img38.jpg)
Содержание слайда: APPLICATION: RESOURCE CONSERVATION
Common Property Resources
Common property rights create uninternalized externalities
An individual who refrains from consuming a resource now and conserves it for the future incurs a cost. The cost is the loss in value the individual would obtain from current consumption. But the individual also creates a benefit by increasing the amount of the resource available for future consumption.
№40 слайд
![APPLICATION RESOURCE](/documents_6/0ef61a8bac28676d8586157b1c8a3927/img39.jpg)
Содержание слайда: APPLICATION: RESOURCE CONSERVATION
Common Property Resources
With common property rights, the benefits from future consumption may be enjoyed by all of society. Thus, conservation generates external benefits so there is too little conservation and too much current consumption.
Because of the absence of private property rights, especially the lack of a guaranteed future interest, common property resources tend to be overused, poorly maintained, and depleted too rapidly.
№41 слайд
![APPLICATION RESOURCE](/documents_6/0ef61a8bac28676d8586157b1c8a3927/img40.jpg)
Содержание слайда: APPLICATION: RESOURCE CONSERVATION
Externalities and Property Rights
Externalities arise when private property rights are absent or unenforced
Private property rights provide incentives for individuals to use resources efficiently and prevent individuals from imposing costs on others without compensation.
Externalities arise when private property rights are either absent or unenforced.
By establishing private property rights and enforcing existing rights, some externalities can be internalized.
№42 слайд
![APPLICATION RESOURCE](/documents_6/0ef61a8bac28676d8586157b1c8a3927/img41.jpg)
Содержание слайда: APPLICATION: RESOURCE CONSERVATION
Externalities and Property Rights
Example: Property rights and pollution
Suppose polluting factories own a river and the homes along it. The more the factories pollute, the less rent are people willing to pay to live in the homes.
Suppose the residents own the river and the homes. Then, the factories must pay the homeowners for polluting the river. The more the factories pollute, the more they pay.
№43 слайд
![APPLICATION RESOURCE](/documents_6/0ef61a8bac28676d8586157b1c8a3927/img42.jpg)
Содержание слайда: APPLICATION: RESOURCE CONSERVATION
Externalities and Property Rights
Either way, regardless of who owns the river, so long as someone owns it, the factories bear the cost of polluting the river, the quantity of the goods produced is efficient, and the amount of pollution is optimal.
But if there are no enforced property rights, if neither the factories nor the residents own the river, the factory can pollute the river without bearing any cost. The costs of the pollution fall on the residents, and there is overproduction and too much pollution.
№46 слайд
![APPLICATION RESOURCE](/documents_6/0ef61a8bac28676d8586157b1c8a3927/img45.jpg)
Содержание слайда: APPLICATION: RESOURCE CONSERVATION
Private Property and Optimal Conservation
Prices determine the timing of resource consumption
The expected future price, PF, of a resource reflects the expected value of consuming one more unit of the resource in the future.
The current price, PC, reflects the value of consuming one more unit of the resource today.
If the resource is privately owned, the owner has an incentive to conserve the resource for future consumption if PF>PC and to consume the resource today if PF<PC.
№47 слайд
![APPLICATION RESOURCE](/documents_6/0ef61a8bac28676d8586157b1c8a3927/img46.jpg)
Содержание слайда: APPLICATION: RESOURCE CONSERVATION
Private Property and Optimal Conservation
Prices reflect marginal benefits and marginal costs
The value of consuming one more unit of a resource in the future is the marginal benefit from conservation. But this means PF=MB of conservation.
The value of consuming one more unit of a resource today is the marginal benefit of consumption today, or alternatively, it is the marginal cost of conservation. So, PC=MB of current consumption=MC of conservation.
№48 слайд
![APPLICATION RESOURCE](/documents_6/0ef61a8bac28676d8586157b1c8a3927/img47.jpg)
Содержание слайда: APPLICATION: RESOURCE CONSERVATION
Private Property and Optimal Conservation
Prices provide incentives for optimal conservation
Resource owners will conserve more and consume less today if PF>PC. But this means MB of conservation>MC of conservation.
Resource owners will conserve less and consume more today if PF<PC. But this means MB of conservation<MC of conservation.
The equilibrium amount of conservation, then, is the quantity at which PF=PC. But this means MB of conservation=MC of conservation, so the equilibrium quantity is efficient.
№49 слайд
![APPLICATION RESOURCE](/documents_6/0ef61a8bac28676d8586157b1c8a3927/img48.jpg)
Содержание слайда: APPLICATION: RESOURCE CONSERVATION
Private Property and Optimal Conservation
Competitive markets and efficient conservation
In competitive markets with private property rights, the quantity of the resource that is conserved for future use is the quantity at which the expected future price equals the current price.
But that is also the quantity at which the marginal benefit from conservation of the resource equals the marginal cost. And that is the rule for optimal conservation.
With private property rights, competitive market prices guide resource owners toward optimal conservation of a resource.
№50 слайд
![APPLICATION RESOURCE](/documents_6/0ef61a8bac28676d8586157b1c8a3927/img49.jpg)
Содержание слайда: APPLICATION: RESOURCE CONSERVATION
Private Property and Resource Depletion
Private property rights prevent too rapid depletion of a resource
Contrary to popular belief, resource depletion is less likely to occur with private property rights in resources, competitive markets, and unregulated prices than with common property rights and regulation.
Markets and prices provide a self-limiting mechanism that prevents rapid depletion of a valuable resource. As a resource becomes scarcer, its price increases and consumption decreases so that depletion is avoided.
№54 слайд
![APPLICATION RESOURCE](/documents_6/0ef61a8bac28676d8586157b1c8a3927/img53.jpg)
Содержание слайда: APPLICATION: RESOURCE CONSERVATION
Summary
Private property rights and economic efficiency
With a complete set of private property rights in resources
there are no uninternalized externalities.
competitive market prices guide resource owners toward optimal conservation of a resource.
resources are efficiently used, efficiently maintained, and efficiently conserved so as to maximize the net social benefit of the resources.
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