Discussing incentives to conserve marine biodiversity conservation Assignment - 1

Discussing incentives to conserve marine biodiversity conservation within the framework of impure public goods - Assignment Example e into limestone, the ability of the oceans to provide sustenance in the form of sea life to tens of millions around the globe, and the ability of these oceans to dissipate the heat that the sun emits forms an integral part of why the oceans and the marina diversity that is exhibited within them is of such extreme importance. Through such a level of understanding, the following discussion will be concentric upon defining what an impure public good is, the externalities associated with these impure public goods, the technology of public good supply, and the types of economic incentives that are created for impure public goods. Firstly, an impure public good is that which is represented to all members of society but one that dilutes the utility that an individual might otherwise gain from enjoying a completely and entirely â€Å"pure† public good. For instance, in the case of the world’s oceans and marine bio-diversity, an example of the impure public good would be the level of toxic waste that is dumped into these oceans each and every year. As this pollutes the environment and creates a hardship on the marine biodiversity that would otherwise be evidenced, the destruction to the environment decreases the utility that a person could stand to gain from this otherwise â€Å"pure† public good. The externalities to this are clear, food that is harvested from the world’s oceans then in turn is sickly and likely to diminish in overall quality; or at the worst – have high levels of toxins evidenced throughout their bodies. As a means of understanding the further nuances and dynamics of public goods, the weakest link rule denotes that the socially available amount equates to the minimum of the overall quantities that can individually be provided. By means of contrast and comparison, the â€Å"best shot† rule states that the socially available amount denotes the maximum individual quantity. Naturally, incentives, both positive and negative, can impact upon the