Econ MC

owns a dog whose barking annoys 's neighbor Jane. Suppose that the benefit of owning
the dog is worth $500 to and that Jane bears a cost of $700 from the barking. Assuming
has the legal right to keep the dog, a possible private solution to this problem is that
a. Jane pays $500 to get rid of the dog.
b. pays Jane $650 for her inconvenience.
c. Jane pays $650 to get rid of the dog.
d. There is no private solution that would improve
this situation.

a and c both seem right to me. Which one is correct?

From a practical standpoint, I think d. is the best answer.


In c, both gain. In a, does not gain, but he does not lose. But has no incentive to take the deal in a.

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