L9 - Property Rights

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5 Terms

1
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Inefficient

Can make one or more person better off without any harm

2
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What is efficient if your roommate has property rights?

Pay them

3
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What is efficient if you have property rights?

Roommate pays you

4
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What happens when property rights for valuable resources are not assigned?

Resource is overexploited and wasted

5
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Tragedy of the commons

Tendency for a resource that has no price to be used until its MB falls to 0