Term
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Definition
| Communal, Government, Secure Private property. |
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Term
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Definition
| No single owners, everyone has access. Over utilization occurs and no one has incentive to conserve. |
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Term
| Government Property Rights |
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Definition
| Property decisions made by a small group of elected political representatives. |
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Term
| Secure Private Property Rights |
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Definition
Incentives to:
Create value with property.
Maintain property and conserve for future
Innovate and create new technology.
Engage in voluntary exchange |
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Term
| Intellectual Property Rights |
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Definition
| Patent, Copyright, Trademark |
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Term
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Definition
| right to exclude all others from using, producing, or selling invention |
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Term
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Definition
| a world, name, symbol, or device that is used in trade with goods to indicate their source. Used to distinguish goods from competition. |
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Term
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Definition
| Right to exclude all others from reproducing, distributing, or performing a work. |
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Term
| Gary Becker's Criminal Decision rule |
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Definition
| Measures current and expected utility. (1-chance of getting caught)(annual inc + payoff of crime)+(chance of getting caught)(annual inc - penalty) Commit crime if utility is higher than current. Does not if lower. Can't be determined if equal. |
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Term
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Definition
| Strategic variable for government |
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Term
| Probability of getting caught |
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Definition
| Government and criminal can affect with new technology. |
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Term
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Definition
| once crime is chosen payoff is fixed so this is not considered strategic to anyone. |
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Term
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Definition
| changes in income do not affect the decision to commit a crime in model |
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Term
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Definition
Fake ID
Punishment- larger penalty for bars honoring fake id's
Response- many bars begin using id scanners
Response- fake id manufacturers invest more in forging devices.
Online File Sharing
Probability of getting caught- slim to no chance of getting caught.
Punishment- government makes harsh example of the few who get caught. |
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