Lec 9 - Lecture 6 (Regular) - Assessing Externalities. ECON 20100: The Elements of Economic Analysis E. Glen Weyl, Assistant Professor of Economics and the College "Assessing Externalities," October 20, 2011. The first part of this course discusses markets with one or a few suppliers. The second part focuses on demand and supply for factors of production and the distribution of income in the economy. This course also includes some elementary general equilibrium theory and welfare economics. This lecture picks up where the last left off: how to gather the information needed to correctly internalize externalities. We analyze three approaches: those based on scientific expertise, surveys and "incentive compatible mechanisms". After developing some basic concepts, we consider the Stern Review of the Economics of Climate Change as an example of the first approach. We then discuss the flaws of surveys and the poor incentives they offer participants. Finally, we discuss how incentive compatible mechanisms, like the Vickrey-Clarke-Groves mechanism, attempt, but usually fail, to satisfactorily resolve these concerns. For readings associated with this lecture and slides, visit: http://www.glenweyl.com/teaching
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Tags: university chicago education business economics
Uploaded by: uofcecon ( Send Message ) on 28-08-2012.
Duration: 66m 33s
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This video is a part of a lecture series from of University of Chicago
Lec 1 - Lecture 1 (Regular) - Theory of the Firm
Lec 2 - Lecture 1 (Turbo) - Theory of the Firm
Lec 3 - Lecture 7 - Theory of Monopoly Price Theory
Lec 4 - Lecture 4 (Turbo) - Perfect Competition
Lec 5 - Lecture 2 (Regular) - Supply and Duration
Lec 6 - Lecture 3 (Regular) - Industry Supply and Rents
Lec 7 - Lecture 3 (Turbo) - Industry Supply and Rents
Lec 8 - Lecture 5 - Payment in Accordance with Product
Lec 10 - Lecture 6 (Turbo) - Assessing Externalities
Lec 11 - Lecture 8B - Product Design Price Theory
Lec 12 - Lecture 7 (Regular) - Basic Monopoly Theory
Lec 13 - Lecture 8 (Regular) - Price Discrimination
Lec 14 - Lecture 8 (Turbo) - Price Discrimination