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ECON 200 REQUIRED ASSESSMENT: Major Paper
Overview
We have now explored a number of economic models that help to explain how markets work. We identified perfect competition as a traditionally accepted model of efficiency, resulting in high production levels and the potential for optimal social welfare. We also explored examples of market failure – situations in which markets do not approximate perfect competition and fail to achieve economic efficiency and optimal social welfare.
For this assignment, you are required to write a research paper on an actual case of market failure. In the paper, you will describe the nature and source of the market failure and explore its potential impacts. You will then identify possible solution(s) as well as costs and benefits of implementing the potential solution(s).
Thesis Components
Your research paper must:
• Provide a clear description of the market failure, with a reputable source supporting your description.
• Identify the nature, type, and/or source of the market failure. Some sources of market failure are listed below.
• Clearly describe the impacts of the market failure on productive and allocative efficiency.
• Clearly identify who is harmed and who might benefit from the market failure (Consumers? Producers? Those in specific industries? Those in specific situations?)
• Identify at least one possible solution for the market failure, and the impact of implementing this solution. (Is it likely to improve the situation?)
• List the costs and benefits of implementing the potential solution, indicating whether the benefits achieved from market intervention are worth the cost of the intervention. (“Costs” and benefits will be listed and described; no dollar amount is required.)
Possible Sources of Market Failure (This is not an exhaustive list – there could be others.)
• Market power (collusion, entry barriers, coordinated pricing, lack of regulation)
• Public goods & services
• Externalities
• Imperfect information
• Poorly defined property rights
• Income inequality distorting market input
• Principal/agent
Minimum Requirements
The paper will be 6-8 pages in length not counting the cover page or reference page.
APA format must be used. The paper will include a cover page, abstract, introduction, body, conclusion, and reference page.
The introduction must clearly identify the market failure you are researching.
While the paper will be written in narrative reporting form, it will address a set of issues related to an overall research question. Do not enumerate or bullet the questions or issues in list form. Include the information that addresses the questions and issues in the body of the paper.
Information should be summarized and paraphrased as much as possible. Direct quotes should be limited to ideas that cannot be expressed in words other than those used by the source. A good guideline is to have direct quotes represent no more than 5% of the paper, not including statistics and the reference page. Substantial points will be deducted if more than 8% of the paper is directly quoted, and the paper will not be accepted if more than 30% is directly quoted.
Scholarly sources and/or reputable news sources must be used to validate factual information and to support critical analysis. There must be at least three such scholarly sources and/or reputable news sources cited in addition to information that may be taken from the assigned readings and course text. Editorials, opinion pages, commentaries, and blogs that are posted at news media web pages are not to be used for this purpose (that is, to validate factual information and to support critical analysis). Sources must be recent (within the last 5 years).
Opinion pages such as those mentioned above and user-contributed websites may be used in addition to scholarly and reputable sources to demonstrate the viewpoint(s) of those potentially affected by policy, but may not be used to validate factual information.
Students are not limited to suggested resources; other reputable websites are also permitted. In evaluating a website, consider the credentials of the author of the article being cited. If there is any doubt the credibility of the source, check with your instructor