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Protection of endangered species has long been argued to be a good example of a public good. In a recent study that surveyed Americans, it was estimated that their overall willingness to pay from Americans to protect all endangered species from extinction was $70 billion. From the same study/survey however, it was estimated that Americans were willing to pay $15 billion to protect a single species from extinction- a difficult inconsistency to explain given the fact that there are several hundred species that are endangered (and $15 billion times several hundred is nowhere near $70 billion). What problem associated with Lindahl pricing does the above example highlight? (HINT, be sure that in your answer you explain what Lindahl pricing is and how it would work- that is the only way you will be able to connect this situation to the weakness)
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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