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EC2A3 > 10. > Flashcards

10. Flashcards

1
Q

What is an externality?

A
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2
Q

How do we establish social order
How does the market system relate to social order?
How do public goods and externalities relate to social order?

A

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3
Q

Define
* Social contract
* Hobbesian tradition

A
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4
Q

What is a consumption externality

A
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5
Q

First theorem of Wlefare economics

A
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6
Q

What happens to the general equilibrium when there is an externality?

A

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7
Q

What has changed in the general equilibrium?

A
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8
Q

General equilibrium with externality

A
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9
Q

What is the first welfare thereorem?
Why is no externalities required for first welfare therom to hold?

A
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10
Q

What is coase Theorem?

A
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11
Q

coase Theorem and property rights

A
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12
Q

What are the properties of public goods

A
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13
Q
A
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14
Q

What is the:
* perfect subsitue case
* Perfect complement case

A
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15
Q

Canonical example:
Assumptions
What is the meaning of the sign?

A
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16
Q

Application of public goods: Security/ Defence
* What is the issue?
* How can this be provided as a public good to solve the issue?
* What do G and γ mean?

A
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17
Q

Application of public goods: Climate change
* What is the issue?
* How can this be provided as a public good to solve the issue?
* What do G and γ mean?

A
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18
Q

What happens in a Nash equilibrium?

A
19
Q
A
20
Q

What are the incentives to contribute?
What sort of function is this?
What is the equation?

A

*

21
Q
A
22
Q

What is the dominant stratergy?

A
23
Q

What are the implications of this?
What is the range of the benefit of public good?

A

.

24
Q

Assurance game
What is the utility equation?

A

.

25
Q
A
26
Q
A
27
Q

Assurnace game on the population level
When should we invest and when should we not (equatiojns?)

A

.

28
Q

What are the solutions to the free-rider problem?

A
29
Q

Lin Ostrom’s work

A
30
Q

What is voluntary cooperation?

A
31
Q

Is self-interest a reasonable assumption?

A
32
Q

The game when there is a reciprocals

A
33
Q

Do penalties work in practice?

A
34
Q

What is the role of the government?

A
35
Q

Government reprecutions measures

A
36
Q

Government subsidisation

A
37
Q

Direct Government provision

A
38
Q

Chan et al (2018)
Why is international cooperation required to tackle climate change?

A
  • Countries can free-ride on the actions of others so we have international cooperations
  • Able to address emission sources that are unevenly distributed
39
Q

Chan et al (2018)
What criteria can we use to evaluate international climate policy?

A
  • Environmental effectiveness: To what degree do they reduce climate change?
  • Aggregate economic performance: Cost-effectiveness
  • Distributional impacts: Benefits and costs for everyone overtime
  • Institutional feasibility: Ability for the parites in the agreement to implement effort
40
Q

Chan et al (2018)
What aspects are important in the design of international climate policy?

A
  • Strong multilateralism: High degree of coordination of goals or action among participants
  • Harmonized antional policies: Cooperation to make the design and ambition of national polcies similar to one another relying less of a centralised authority
  • Decentralised policies: Composed topically focused building blocks
  • Legal framework: Legal type, whether commitment is mandatory, the specifcity of commitments and the use of enforcement provisions.
41
Q

Chan et al (2018)
Summarise the features and objectives of the 2015 Paris Agreement? Has it been effective? Is it sufficient?

A
  • 10 year national goals for climitae mitigation
  • Countries have to submit revised NCDs every 5 years
  • Bottom up nature
42
Q

Altundas et al (2021)
Can market forces help reinforce the objectives of international agreements through, for example, the financial sector?

A
  • Banking sector is lending away from polluting firms, as they expect more stringent climate risk-related policies, or increased awarness by banks of climate change related risks.
43
Q

Income distribution

A

EC2A3 (10 decks)

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