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【正文】 bine consumer surplus with the aggregate profits that producers obtain, we can evaluate both the costs and benefits not only of alternative market structures, but of public policies that alter the behavior of consumers and firms in those markets. Chapter 4 Individual and Market Demand 28 of 37 169。 2022 Prentice Hall Business Publishing ? Microeconomics ? Pindyck/Rubinfeld, 7e. CONSUMER SURPLUS To encourage cleaner air, Congress passed the Clean Air Act in 1977 and has since amended it a number of times. Valuing Cleaner Air Figure The yellowshaded triangle gives the consumer surplus generated when air pollution is reduced by 5 parts per 100 million of nitrogen oxide at a cost of $1000 per part reduced. The surplus is created because most consumers are willing to pay more than $1000 for each unit reduction of nitrogen oxide. Chapter 4 Individual and Market Demand 29 of 37 169。 2022 Prentice Hall Business Publishing ? Microeconomics ? Pindyck/Rubinfeld, 7e. NETWORK EXTERNALITIES The Bandwagon Effect ● work externality Situation in which each individual’s demand depends on the purchases of other individuals. A positive work externality exists if the quantity of a good demanded by a typical consumer increases in response to the growth in purchases of other consumers. If the quantity demanded decreases, there is a negative work externality. ● bandwagon effect Positive work externality in which a consumer wishes to possess a good in part because others do. Chapter 4 Individual and Market Demand 30 of 37 169。 2022 Prentice Hall Business Publishing ? Microeconomics ? Pindyck/Rubinfeld, 7e. NETWORK EXTERNALITIES The Bandwagon Effect Positive Network Externality: Bandwagon Effect A bandwagon effect is a positive work externality in which the quantity of a good that an individual demands grows in response to the growth of purchases by other individuals. Here, as the price of the product falls from $30 to $20, the bandwagon effect causes the demand for the good to shift to the right, from D40 to D80. Example: CD players and disks。 puters and software Figure Chapter 4 Individual and Market Demand 31 of 37 169。 2022 Prentice Hall Business Publishing ? Microeconomics ? Pindyck/Rubinfeld, 7e. NETWORK EXTERNALITIES The Snob Effect Negative Network Externality: Snob Effect The snob effect is a negative work externality in which the quantity of a good that an individual demands falls in response to the growth of purchases by other individuals. Here, as the price falls from $30,000 to $15,000 and more people buy the good, the snob effect causes the demand for the good to shift to the left, from D2 to D6. Figure ● snob effect Negative work externality in which a consumer wishes to own an exclusive or unique good. ● Example: ski resort, Disneyland Chapter 4 Individual and Market Demand 32 of 37 169。 2022 Prentice Hall Business Publishing ? Microeconomics ? Pindyck/Rubinfeld, 7e. NETWORK EXTERNALITIES From 1954 to 1965, annual revenues from the leasing of mainframes increased at the extraordinary rate of 78 percent per year, while prices declined by 20 percent per year. An econometric study by Gregory Chow found that the demand for puters follows a ―saturation curve‖—a Dynamic process whereby demand, though small at first, grows slowly. Soon, however, it grows rapidly, until finally nearly everyone likely to buy a product has done so, whereby the market bees saturated. This rapid growth occurs because of a positive work externality: As more and more anizations own puters, and as more and better software is written, and as more people are trained to use puters, the value of having a puter increases. Consider the explosive growth in Inter usage, particularly the use of . Use of the Inter has grown at 20 percent per year since 1998. The value of using depends crucially on how many other people use it. By 2022, nearly 50 percent of the . population claimed to use , up from 35 percent in 2022.
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