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Public Economics II
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Public Economics II
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Academic year 2013/2014
- Course ID
- ECO0245
- Teaching staff
- Prof. Massimiliano Piacenza (Titolare del corso)
Prof. Gilberto Turati (Titolare del corso) - Year
- 2° anno
- Teaching period
- Secondo semestre
- Type
- Affine o integrativo
- Credits/Recognition
- 6
- Course disciplinary sector (SSD)
- SECS-P/03 - scienza delle finanze
- Delivery
- Tradizionale
- Language
- Inglese
- Attendance
- Facoltativa
- Type of examination
- Scritto
- Examination methods
- - solo scritto (durata* h.:2)
- Prerequisites
- Basic knowledge of microeconomics, public economics and mathematics.
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Sommario del corso
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Course objectives
This course examines the role of government in modern private economies, focusing on the topic of market failures. Under ideal conditions, competition promotes economic efficiency, leaving little role for the public sector. In some circumstances, however, private markets fail and government intervention to restore efficiency may be desirable. Market failures to be analyzed include public good provision, externalities, imperfect competition, and asymmetric information.
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Results of learning outcomes
1) Knowledge and understanding ability
The course will provide the students with an advanced knowledge of standard public economic theory.
2) Capability to apply knowledge and understanding
After attending the course, the student is expected to be able to manage quantitative microeconomic tools to analyse market failure problems and related government interventions.
3) Capability to approach the subject in a critical manner
The student is expected to learn how to effectively organize ideas mainly in written form, by summarizing, discussing and criticizing the results of academic research in public economics.
4) Communication abilities
The student is expected to have notions on how public economic theory can be fruitfully applied for undertaking sound empirical analysis of policy making concerning public good provision, market power control, and environmental regulation.
5) Learning ability
The student is expected to understand the main building blocks of public economic theory and to acquire the toolkit for undertaking further research work in public economics.
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Program
Public economics and economic efficiency:
- Pareto-efficiency of competition and First Theorem of Welfare Economics
- Lump-sum transfers and Second Theorem of Welfare EconomicsDepartures from efficiency:
- Public goods
- Club goods and local public goods
- Externalities
- Imperfect competition
- Asymmetric InformationSuggested readings and bibliography
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