Common Property Resources and Public Goods Chapter Thirteen: Common Property Resources and Public Goods

Goods Other Than Private Goods

Table 13.1: Classification of Different Types of Goods

Artificially Scarce Goods

Figure 13.1: The Market for an Artificially Scarce Good (Cable Television) The socially efficient level of provision is to supply cable television to 120,000 households, but at the market price of $30/ month, only 80,000 households are willing to pay for a subscription.

Common Property Resources

Figure 13.2: Common Property Model of a Fishery The unregulated outcome will result in Te fishing trips. But above T0 trips, each additional trip imposes a cost on other fishers. The socially efficient level of fishing trips is T*.

Public Goods

Figure 13.3: The Benefits of Public Goods The aggregate social marginal benefits of supplying public goods can be obtained by vertically adding each individual’s marginal benefit curve.

Climate Change

Figure 13.4: Past and Projected Global Emissions of Carbon Dioxide, 1990-2035 Global emissions of carbon dioxide are projected to increase 30 percent between 2015 and 2035, with most of the increase a result of higher emissions in developing countries. Source: United States Energy Information Administration database. Note: OECD is the Organisation for Economic Co-Operation and Development, comprised mostly of developed nations.