CameronVand21
23.04.2021 •
Business
Fifty residents of a college dorm all like espresso. An espresso machine costs $1,000. Each dorm resident is willing to pay up to $50 for the machine. However, the resident’s willingness to pay is their "private information." One resident, Eugene, decides to take up a collection. Assuming there is no way to make other residents contribute (and Eugene does not know what the residents’ willingness to pay is), is Eugene likely to raise the necessary $1,000? Why or why not? What could be done to improve his chances of success? [Hint: a simple argument can be made in the lines of the "non-excludability" nature of a public good. If one student pays for the coffee maker in the pantry, all will use it! Eugene can do better by ensuring this does not happen.
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