An economic phenomenon where excessive use of an impure public good reduces its benefit to all users.
Understanding the concept of social overhead capital and its role in economics
An institution formed to supply an excludable public good, characterized by its ability to exclude non-members, thereby allowing efficient provision of the good to its members.
A comprehensive overview and analysis of common access resources, their characteristics, and their economic implications.
The legal right and practical ability to prevent others from using a good, crucial for defining private and public goods.
A comprehensive overview of the economic concept of externality, including its types and implications.
Definition and meaning of the term 'free rider' in economics.
A global public good is a public good that provides non-excludable and non-rival benefits on a worldwide scale.
A method for determining the optimal provision and cost allocation of public goods among consumers, aiming to achieve Pareto efficiency. This equilibrium assesses individual demand given the shared cost across the population.
An examination of market failure in economic contexts, its sources, and implications for government intervention.
A detailed overview of the economic concept of preference revelation and its implications.
A fundamental principle in welfare economics that describes Pareto-efficient allocations in an economy with public goods.
A comprehensive overview of the term 'social benefit' in economics
An economic hypothesis asserting that economic efficiency is achieved in an economy with local public goods through consumer choice of location.
