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Assignment:
1. Using the concepts of Willingness to Pay (WTP) and Willingness to Accept (WTA), what is the Endowment Effect?
2. What would traditional Economic theory predict about the relationship between WTP and WTA?
3. How does the concept of Loss Aversion explain the Endowment Effect?
Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.
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