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Introduction to Environmental Economics: Market failures and the environment

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What are market failures? When do they happen? What are the consequences?

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Institution: University of Alberta (UofA)
Study: Business Economics
Course: Econ 467 (ECON467)

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Uploaded on: November 8, 2022
Number of pages: 84
Written in: 2021/2022
Type: Class notes
Professor(s): Dana andersen
Contains: All classes

Subjects

market failures
market equilibrium
externaties
introduction to environmental economics
market failures and the environment

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Lecture 02
Market Failures

Dana Andersen
ECON 467

,Roadmap
What are market failures?
When do they happen?
What are the consequences?

,Market failures and the environment

, The ideal world
In the best case scenario, a market equilibrium leads to the efficient
allocation

We have a private bread supply curve (private MC)

We have a private bread demand curve (private MB)

In equilibrium: supply = demand so PMC = PMB = price

For bread, the private costs and benefits are very likely the social costs and
benefits

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Introduction to Environmental Economics: Market failures and the environment

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