. Distinguish between a private nuisance and a public nuisance. What type of remedy is likely to be more efficient in each situation? Why? Distinguish between temporary and permanent damages. Describe the circumstances under which each damage measure would be more efficient. Explaining your reasoning by considering the potential for innovation, error costs, and transactions costs incurred by the courts and society in your answer. . Use the concept of "holdouts" to distinguish between the government purchasing property versus taking property. Of the two approaches, in the interest of efficiency which should the government rely on more? Why?

. Distinguish between a private nuisance and a public nuisance. What type of remedy is likely to be more efficient in each situation? Why? Distinguish between temporary and permanent damages. Describe the circumstances under which each damage measure would be more efficient. Explaining your reasoning by considering the potential for innovation, error costs, and transactions costs incurred by the courts and society in your answer. . Use the concept of "holdouts" to distinguish between the government purchasing property versus taking property. Of the two approaches, in the interest of efficiency which should the government rely on more? Why?

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter8: Market Failure

Section: Chapter Questions

Problem 10P

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