平狄克微观经济学课件(英文)16

Fernando&YvonnQuijanoPreparedby:Information,MarketFailure,andtheRoleofGovernment16CHAPTERCopyright©2009PearsonEducation,Inc.PublishingasPrenticeHall•Microeconomics•Pindyck/Rubinfeld,7e.Chapter16:Information,MarketFailure,andtheRoleofGovernment2of35Copyright©2009PearsonEducation,Inc.PublishingasPrenticeHall•Microeconomics•Pindyck/Rubinfeld,7e.CHAPTER16OUTLINE16.1GeneralEquilibriumAnalysis16.2EfficiencyinExchange16.3EquityandEfficiency16.4EfficiencyinProduction16.5TheGainsfromFreeTrade16.6AnOverview—TheEfficiencyofCompetitiveMarkets16.7WhyMarketsFailChapter16:Information,MarketFailure,andtheRoleofGovernment3of35Copyright©2009PearsonEducation,Inc.PublishingasPrenticeHall•Microeconomics•Pindyck/Rubinfeld,7e.GENERALEQUILIBRIUMANALYSIS16.1●partialequilibriumanalysisDeterminationofequilibriumpricesandquantitiesinamarketindependentofeffectsfromothermarkets.●generalequilibriumanalysisSimultaneousdeterminationofthepricesandquantitiesinallrelevantmarkets,takingfeedbackeffectsintoaccount.Chapter16:Information,MarketFailure,andtheRoleofGovernment4of35Copyright©2009PearsonEducation,Inc.PublishingasPrenticeHall•Microeconomics•Pindyck/Rubinfeld,7e.GENERALEQUILIBRIUMANALYSIS16.1Whenmarketsareinterdependent,thepricesofallproductsmustbesimultaneouslydetermined.HereataxonmovieticketsshiftsthesupplyofmoviesupwardfromSMtoS*M,asshownin(a).Thehigherpriceofmovietickets($6.35ratherthan$6.00)initiallyshiftsthedemandforDVDsupward(fromDVtoD’V),causingthepriceofDVDstorise(from$3.00to$3.50),asshownin(b).TwoInterdependentMarkets:(a)MovieTicketsand(b)DVDRentalsFigure16.1TwoInterdependentMarkets—MovingtoGeneralEquilibriumChapter16:Information,MarketFailure,andtheRoleofGovernment5of35Copyright©2009PearsonEducation,Inc.PublishingasPrenticeHall•Microeconomics•Pindyck/Rubinfeld,7e.GENERALEQUILIBRIUMANALYSIS16.1Thehighervideopricefeedsbackintothemovieticketmarket,causingdemandtoshiftfromDMtoD’Mandthepriceofmoviestoincreasefrom$6.35to$6.75.Thiscontinuesuntilageneralequilibriumisreached,asshownattheintersectionofD*MandS*Min(a),withamovieticketof$6.82,andtheintersectionofD*VandSVin(b),withaDVDpriceof$3.58.TwoInterdependentMarkets:(a)MovieTicketsand(b)DVDRentalsFigure16.1(continued)TwoInterdependentMarkets—MovingtoGeneralEquilibriumChapter16:Information,MarketFailure,andtheRoleofGovernment6of35Copyright©2009PearsonEducation,Inc.PublishingasPrenticeHall•Microeconomics•Pindyck/Rubinfeld,7e.GENERALEQUILIBRIUMANALYSIS16.1ReachingGeneralEquilibriumTofindthegeneralequilibriumprices(andquantities)inpractice,wemustsimultaneouslyfindtwopricesthatequatequantitydemandedandquantitysuppliedinallrelatedmarkets.Forourtwomarkets,weneedtofindthesolutiontofourequations(supplyofmovietickets,demandformovietickets,supplyofDVDs,anddemandforDVDs).MoviesandDVDsaresubstitutegoods.Ifthegoodsinquestionarecomplements,apartialequilibriumanalysiswilloverstatetheimpactofatax.Chapter16:Information,MarketFailure,andtheRoleofGovernment7of35Copyright©2009PearsonEducation,Inc.PublishingasPrenticeHall•Microeconomics•Pindyck/Rubinfeld,7e.TheworldethanolmarketisdominatedbyBrazilandtheUnitedStates,whichaccountedforover90percentofworldproductionin2005.In2007,about40percentofallBrazilianautomobilefuelwasethanol,aresponsetotheskyrocketinggrowthinthedemandforflex-fuelcars.TheEnergyPolicyActof2005requiredthatU.S.fuelproductionincludeaminimumamountofrenewablefueleachyear—astipulationwhichessentiallymandatedabaselinelevelofethanolproduction.TheU.S.regulationofitsownethanolmarketcansignificantlyaffectBrazil’smarket.ThisglobalinterdependencewasmadeevidentbytheEnergySecurityActof1979,bywhichtheU.S.offeredataxcreditof$0.51pergallonofethanol.Topreventforeignethanolproducersfromreapingthebenefitsofthistaxcredit,theU.S.governmentimposeda$0.54pergallontaxonimportedethanol.Whilethispolicyhasbenefitedcornproducers,itisnotintheinterestsofU.S.ethanolconsumers.ItisestimatedthatwhereasBrazilcanexportethanolforlessthan$0.90pergallon,itcosts$1.10toproduceagallonofethanolfromIowacorn.GENERALEQUILIBRIUMANALYSIS16.1Chapter16:Information,MarketFailure,andtheRoleofGovernment8of35Copyright©2009PearsonEducation,Inc.PublishingasPrenticeHall•Microeconomics•Pindyck/Rubinfeld,7e.GENERALEQUILIBRIUMANALYSIS16.1IfU.S.tariffsonethanolproducedabroadweretoberemoved,BrazilwouldexportmuchmoreethanoltotheUnitedStates,displacingmuchofthemoreexpensivecorn-basedethanolproduceddomestically.Asaresult,thepriceofethanolintheU.S.wouldfall,benefitingU.S.consumers.RemovingtheEthanolTariffonBrazilianExportsFigure16.2Chapter16:Information,MarketFailure,andtheRoleofGovernment9of35Copyright©2009PearsonEducation,Inc.PublishingasPrenticeHall•Microeconomics•Pindyck/Rubinfeld,7e.EFFICIENCYINEXCHANGE16.2●exchangeeconomyMarketinwhichtwoormoreconsumerstradetwogoodsamongthemselves.●efficient(orParetoefficient)allocationAllocationofgoodsinwhichnoonecanbemadebetteroffunlesssomeoneelseismadeworseoff.Chapter16:Information,MarketFailure,andtheRoleofGovernment10of35Copyright©2009PearsonEducation,Inc.PublishingasPrenticeHall•Microeconomics•Pindyck/Rubinfeld,7