The Assignment instructions will be attach below and the link to the youtube videos:
4.18 — Discussion #4: Free Rider Problem and The tragedy of the Commons
Discussion #4: Free Rider Problem and The Tragedy of the Commons
You can also review the other Tragedy of the commons/Free Rider/etc. Videos Posted in this module to give you “inspiration” to help you answer this discussion question. Most important, watch the Milton Friedman (Nobel Laureate and I personally met him 3 times in my life) as he especially has a way of viewing society perhaps you have not considered before.
- After completing the above- post in the discussion. You need to post before seeing other students’ posts. This discussion will be worth 200 points which is double the points for previous discussions because I expect you to watch all the video recordings in this module before you post in this discussion.
For the Discussion post- provide the following:
- What is the (your) example? (of a Free-rider problem or a modern day Tragedy of the Commons) This example must be from your own personal life experience. AI is NOT permitted. You will receive a zero if I believe your post or your personal example was created from AI. Why? My goal is for you to start thinking like an economist. This discussion question and its applications happens to all of us on a daily basis. I expect you to think about Free-rider problem and the Coase Theorem. Then write your post preferably in a word application (word/google docs, etc.). You can answer each discussion prompt either with Section Headers or itemized as a numbered list.
- Why is the common good you selected a common good?
- why is it non-excludable?
- why is it non-rivalrous?
- Why/when or where does it occur?
- How could the Free-rider problem be corrected? What is your personal solution to the problem? Explain your solution exactly how the common good rules and regulations would be monitored and enforced. Consider if your solution actually is feasible i.e. the marginal cost of monitoring and enforcing is less than the marginal benefit.
- Explain your personal story about experience being adversely affected by the concept of Common goods and the free-rider problem? Hint: your answers to 1-3 above must come from your personal example.
- What is the (your) example? (of a Free-rider problem or a modern day Tragedy of the Commons) This example must be from your own personal life experience. AI is NOT permitted. You will receive a zero if I believe your post or your personal example was created from AI. Why? My goal is for you to start thinking like an economist. This discussion question and its applications happens to all of us on a daily basis. I expect you to think about Free-rider problem and the Coase Theorem. Then write your post preferably in a word application (word/google docs, etc.). You can answer each discussion prompt either with Section Headers or itemized as a numbered list.
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