In economics, a public good is a good that is hard or even impossible to produce for private profit, because the market fails to account for its large beneficial externalities. By definition, a public good possesses two properties: U.S. Economic Calendar Economics at the Open Directory Project Economics textbooks on Wikibooks The Economists Economics A-Z Institutions and organizations Bureau of Labor Statistics - from the American Labor Department Center for Economic and Policy Research (USA) National Bureau of Economic Research (USA) - Economics material from the organization... A good in economics is any physical object (natural or man-made) or service that, upon consumption, increases utility, and therefore can be sold at a price in a market. ... Profit is defined as the residual value gained from business operations. ... An externality occurs in economics when a decision (for example, to pollute the atmosphere) causes costs or benefits to individuals or groups other than the person making the decision. ...

• Non-rivalrous — its benefits fail to exhibit consumption scarcity; once it has been produced, everyone can benefit from it without diminishing other's enjoyment.
• Non-excludable — once it has been created, it is very difficult to impossible to prevent access to the good.

"Pure" public goods possess these properties absolutely. Because pure public goods are rare (though they include such important cases as national defense and the system of property rights), in common parlance among economists "public goods" usually refers to impure public goods or those confined to particular localities. A public good is for society as a whole (the public), while a "collective good" is merely for a sub-set of society. In economics, something is considered rivalrous if its consumption by one person prevents it from being available to someone else. ... Scarcity is a central concept in economics. ... Any activity or effort performed to protect a nation against attack or other threats. ... This page deals with property as ownership rights. ...

A pure public good is the opposite of a private good, i.e., a good that can easily be divided into parts to sell on the market, because it is excludable and rivalrous. A loaf of bread, for example, is a private good: its owner can exclude others from using it, and once it has been consumed, it cannot be used again. In economics Private good is an opposite of the public good. ...

A free market is highly unlikely to produce the optimum amount of any public good. Such important goods like national defense will be underproduced due to the free rider problem. In practice, this problem is solved by government intervention and state provision of public goods. These solutions are not without their own critics, however, since some argue that this can lead to too many resources being allocated to a public good's production. In the case of national defense, this is the alleged problem of the military-industrial complex. Also, centralized governments are not the only substitute for markets: in theory, tradition and decentralized democracy might play a similar role. A free market is an idealized market, where all economic decisions and actions by individuals regarding transfer of money, goods, and services are voluntary, and are therefore devoid of coercion and theft (some definitions of coercion are inclusive of theft). Colloquially and loosely, a free market economy is an economy... In the analyses of economics and political science, free riders are actors who take more than their fair share of the benefits or do not shoulder their fair share of the costs of their use of a resource, involvement in a project, etc. ... The term military-industrial complex usually refers to the combination of the U.S. armed forces, arms industry and associated political and commercial interests, which grew rapidly in scale and influence in the wake of World War II, although it can also be used to describe any such relationship of...

The economic concept of public goods should not be confused with the expression "the public good", which is usually an application of a collective ethical notion of "the good" in political decision-making. Ethics is the branch of axiology – one of the four major branches of philosophy, alongside metaphysics, epistemology, and logic – which attempts to understand the nature of morality; to define that which is right from that which is wrong. ...

Examples of Public Goods

Common examples of public goods include: defense and law enforcement (including the system of property rights), public fireworks, lighthouses, clean air and other environmental goods, and information goods, such as software development, authorship, and invention. Some goods, such as orphan drugs, require special governmental incentives to be produced, but can't be classified as public goods since they don't fulfil the above requirements (Non-excludable and non-rivalrous.) A plants defence The words defense (AmE) or defence (CwE) can refer to any of the following: For defense of a doctoral dissertation see thesis committee For the military term see defense (military) Civil defense measures and emergency preparedness In politics, defense may be a euphemism for war For... For the band, see The Police. ... This page deals with property as ownership rights. ... The Sydney Harbour Bridge and the Sydney Opera House illuminated under New Years Eve Fireworks 2005 A fireworks event (also called a fireworks display or fireworks show) is a spectacular display of the effects produced by firework devices on various occasions. ... The Peggys Point lighthouse in Nova Scotia, Canada An aid for navigation and pilotage at sea, a lighthouse is a tower building or framework sending out light from a system of lamps and lenses or, in older times, from a fire. ... This power plant in New Mexico releases sulfur dioxide and particulate matter into the air. ... Information good in economics and law is a type commodity whose main market value derive from information it contains. ... Software engineering (SE) is the profession concerned with specifying, designing, developing and maintaining software applications by applying technologies and practices from computer science, project management, and other fields. ... Authorship is the act of creating a work, idea or theory. ... In lay terms, an invention is a novel device, material, or technique. ... An orphan drug is any drug developed under the 1983 U.S. Orphan Drug Act, which concerns drugs for orphan diseases, namely such affecting less than 200,000 people in the US. This has been adopted as a subclause of the FDA. Developing a drug for groups that small would...

The provision of a lighthouse has often been used as the standard example of a public good, since it is difficult to exclude ships from using its services and no ship's use detracts from that of others. However, since in some cases, most of the benefit of a lighthouse accrues to ships using particular ports, lighthouse maintenance fees can profitably be bundled with port fees (Ronald Coase, 1974). This has been been sufficient to fund some actual lighthouses as club goods. Nevertheless, since port fees are much like taxes, this example does not go against the theory of public goods. The Peggys Point lighthouse in Nova Scotia, Canada An aid for navigation and pilotage at sea, a lighthouse is a tower building or framework sending out light from a system of lamps and lenses or, in older times, from a fire. ... Ronald Coase (born December 29, 1910) is a British economist. ... Club goods are a type of goods in economics, sometimes classified as a subtype of public goods, that are non-competetive and excludable. ...

A public good's status may change over time. Technological progress can significantly impact excludability of traditional public goods: encryption allows broadcasters to sell individual access to their programming. The costs for electronic road pricing have fallen dramatically, paving the way for detailed billing based on actual use. On the other hand, technological progress can also create new public goods. The simplest examples are street lights: they are relatively recent inventions (by historical standards), one person's enjoyment of them does not detract from other persons' enjoyment, and it is impossible to charge individuals separately for the amount of light they presumably use. Broadcasting is the distribution of audio and video signals (programs) to a number of recipients (listeners or viewers) that belong to a large group. ... Road pricing is a generic term for charging for the use of roads using direct methods, charging the users of a specific section of the road network for its use. ... A streetlight in front of a red sky at night A street light, also known as a light standard, is a raised light on the edge of a road, turned on or lit at a certain time every night. ...

Subtypes of Public Goods

One of the most common ways of looking at goods in economics, illustrated in the table below, is the classic division based on:

• whether there is competition involved in obtaining a given good
• whether it is possible to exclude a person from consumption of a given good

Sometimes, club and common goods are included in the broad definition of public goods. There are always some goods that can be argued to belong in more than one of the above categories. In economics Private good is an opposite of the public good. ... (See also List of types of clothing and Clothing terminology) Humans nearly universally wear articles of clothing (also known as dress, garments, or attire) on the body. ... Green Razor Scooter This article is about things that people play with. ... Furniture is the collective term for the movable objects which support the human body (seating furniture and beds), provide storage, and hold objects on horizontal surfaces above the ground. ... A small variety of cars, the most popular kind of automobile. ... The common good is a term that can refer to several different concepts. ... This article needs a complete rewrite for the reasons listed on the talk page. ... Club goods are a type of goods in economics, sometimes classified as a subtype of public goods, that are non-competetive and excludable. ... Private schools are schools not administered by local or national government, which retain the right to select their student body and are funded in whole or in part by charging their students tuition rather than with public funds. ... A club is an association of people not united together by any natural ties of kinship, real or supposed. ... Security measures taken to protect the Houses of Parliament in London, England. ... Army (from French armée) can, in some countries, refer to any armed force (for example, the Peoples Liberation Army of China consists of ground force, navy and air force branches). ...

Common goods should not be confused with another subtype of public goods: the collective goods (also known as social goods), which are defined as goods that could be delivered as private goods, but are delivered instead by the government for various reasons (usually social policy). In economics, a public good is a good that is hard or even impossible to produce for private profit, because the market fails to account for its large beneficial externalities. ... Collective goods (or social goods) are defined as public goods that could be delivered as private goods, but are delivered instead by the government for various reasons (usually social policy) and financed from public funds like taxes. ... In US politics, social policies are those which regulate and govern human behavior in areas such as sexuality and general morality. ...

The Free Rider Problem

Public goods provide a very important example of market failure, in which market-like behavior of individual gain-seeking does not produce efficient results. The production of public goods results in positive externalities which are not remunerated. Because no private organisation can reap all the benefits of a public good which they have produced, there will be insufficient incentives to produce it voluntarily. Consumers can take advantage of public goods without contributing sufficiently to their creation. This is called the free rider problem, or occasionally, the "easy rider problem" (because consumer's contributions will be small but non-zero). In economics, a market failure is a situation in which markets do not efficiently organize production or allocate goods and services to consumers (for example, a failure to allocate goods in a way some see as socially or morally preferable). ... The term inefficiency has several meanings depending on the context in which its used: Economic inefficiency refers to a situation where we could be doing a better job, i. ... An externality occurs in economics when a decision (for example, to pollute the atmosphere) causes costs or benefits to stakeholders other than the person making the decision. ... In the analyses of economics and political science, free riders are actors who take more than their fair share of the benefits or do not shoulder their fair share of the costs of their use of a resource, involvement in a project, etc. ...

For example, consider national defense, a standard example of a pure public good. A free-rider (also known as homo economicus) is an individual who is extremely individualistic, considering benefits and costs that affect only him or her. Suppose this individual thinks about exerting some extra effort to defend the nation. The benefits to the individual of this effort would be very low, since the benefits would be distributed among all of the millions of other people in the country. Further, there is a very high possibility that he could get injured or killed during the course of his or her military service. On the other hand, the free rider knows that he or she cannot be excluded from the benefits of national defense, regardless of whether he or she contributes to it. There is also no way that these benefits can be split up and distributed as individual parcels to people. So the free rider would not voluntarily exert any extra effort, unless there is some inherent pleasure or material reward for doing so (such as, for example, money paid by the government, as with an all-volunteer army or mercenaries). Homo economicus, or Economic man, is a term used for an approximation or model of homo sapiens that acts to obtain the highest possible well-being for himself given available information about opportunities and other constraints, both natural and institutional, on his ability to achieve his predetermined goals. ...

Finally, in the case of information goods, an inventor of a new product may benefit all of society. But hardly anyone is willing to pay for the invention if they can benefit from it for free. Information good in economics and law is a type commodity whose main market value derive from information it contains. ...

Possible solutions to the Free Rider problem

Dominant Assurance Contracts

Assurance contracts are contracts in which participents make a binding pledge to contribute to a contract for building a public good, contingent on a quorum of a predetermined size being reached. Otherwise their money is refunded. A dominant assurance contract is a variation in which an entrepreneur creates the contract and refunds the initial pledge plus an additional sum of money if the quorum is not reached. In game theory terms this makes pledging to build the public good a dominant strategy: the best move is to pledge to the contract regardless of the actions of others. Assurance contracts are a financial technology that facilitates the private creation of public goods and Club goods in the face of the free rider problem. ... Assurance contracts are a financial technology that facilitates the private creation of public goods and Club goods in the face of the free rider problem. ...

Coasian solution

The coasian solution, named for the economist Ronald Coase and unrelated to the Coase theorem, proposes a mechanism by which potential beneficiaries of a public good band together and pool their resources based on their willingness to pay to create the public good. Coase argued that if the transaction costs between potential beneficiaries of a public good are sufficiently low, and it is therefore easy for beneficiaries to find eachother and pool their money based on the public good's value to them, then an adequate level of public goods production can occur even under competitive free market conditions. Ronald Coase (born December 29, 1910) is a British economist. ... In law and economics, the Coase theorem, attributed to Ronald Coase, is a theorem relating to the economic efficiency of a governments allocation of property rights. ... In economics and related disciplines, a transaction cost is a cost incurred in making an economic exchange. ...

A similar alternative for arranging funders of public goods production is to produce the public good but refuse to release it into the public until some form of payment to cover costs is met. Author Stephen King, for instance, authored chapters of a new novel downloadable for free on his website while threatening not to release subsequent chapters unless a certain amount of money was raised. Sometimes dubbed holding for ransom, this method of public goods production is a modern application of the street performer protocol for public goods production. Stephen Edwin King (born September 21, 1947) is an American author best known for horror novels. ... The term ransom refers to the practice of holding a prisoner to extort money or property extorted to secure their release, or to the sum of money involved. ... The Street Performer Protocol (SPP) is a way of encouraging the creation of creative works and intellectual property in the public domain, described by the cryptographers John Kelsey and Bruce Schneier of Counterpane Systems (although the underlying idea is much older). ...

In some ways, the formation of goverments and government-like communities such as homeowners associations can be thought of as applied instances of practicing the coasian solution by creating institutions to reduce the transaction costs. Some of the developments that real estate developers build are common interest developments, a category that includes planned–unit developments of single–family houses, condominiums, and cooperative apartments. ...

Government provision

If voluntary provision of public goods will not work, then the obvious solution is making their provision involuntary. (Each of us is saved from our own individualistic short-sightedness, our tendency to be a free rider.) One general solution to the problem is for governments or states to impose taxation to fund the production of public goods. The difficulty is to determine how much funding should be allocated to different public goods, and how the costs should be split (see resource allocation mechanisms, public finance). Ideally, these decisions should be made democratically following advice informed by economic theory. A state is an organized political community occupying a definite territory, having an organized government, and possessing internal and external sovereignty. ... Public finance (government finance) is the field of economics that deals with budgeting the revenues and expenditures of a public sector entity, usually government. ...

Sometimes the government provides public goods using "unfunded mandates". An example is the requirement that every car be fit with a catalytic converter. This may be executed in the private sector, but the end result is predetermined by the state: the individually involuntary provision of the public good clean air. Unfunded mandates have also been imposed by the U.S. federal government on the state and local governments, as with the Americans with Disabilities Act, for example. A small variety of cars, the most popular kind of automobile. ... A catalytic converter in an automobiles exhaust system provides an environment for a chemical reaction where unburned hydrocarbons completely combust, using platinum and rhodium as catalysts. ... The private sector of a nations economy consists of those entities which are not controlled by the state - i. ... This power plant in New Mexico releases sulfur dioxide and particulate matter into the air. ... The Americans with Disabilities Act of 1990 is the short title of United States Public Law 101-336, signed into law on July 26, 1990 by George H. W. Bush. ...

Subsidies

A government may subsidize production of a public good in the private sector. Unlike government provision, subsidies may result in some form of competitive market. The potential for cronyism (for example, an alliance between political insiders and the businesses receiving subsidies) can be limited with secret bidding for the subsidies or application of the subsidies following clear general principles. Depending on the nature of a public good and a related subsidy, principal agent problems can arise between the citizens and the government or between the government and the subsidized producers; this effect and counter-measures taken to address it can diminish the benefits of the subsidy. In economics, a subsidy is generally a monetary grant given by government to lower the price faced by producers or consumers of a good, generally because it is considered to be in the public interest. ... The private sector of a nations economy consists of those entities which are not controlled by the state - i. ... Competition is the act of striving against another force for the purpose of achieving dominance or attaining a reward or goal, or out of a biological imperative such as survival. ... Crony capitalism or capitalist cronyism is a pejorative term that asserts that a particular capitalist economy may depend on an extremely close relationship between private business and the state institutions of politics and government, rather than by the espoused equitable concepts such as the free market, open competition, and economic... The principal-agent problem in economics refers to the difficulties that arise under conditions of incomplete and asymmetric information when a principal hires an agent. ...

Subsidies can also be used in areas with a potential for non-individualism: For instance, a state may subsidize devices to reduce air pollution and appeal to citizens to cover the remaining costs. In economics, a public good is a good that is hard or even impossible to produce for private profit, because the market fails to account for its large beneficial externalities. ... This power plant in New Mexico releases sulfur dioxide and particulate matter into the air. ...

Privileged group

The study of collective action shows that public goods are still produced when one individual benefits more from the public good than it costs him to produce it; examples include benefits from individual use, intrinsic motivation to produce, and business models based on selling complement goods. A group that contains such individuals is called a privileged group. A historical example could be a downtown entrepreneur who erects a street light in front of his shop to attract customers; even though there are positive external benefits to neighboring businesses that aren't paying from the street light, the added customers to the paying shop provide enough revenue to cover the costs of the street light. The economic theory of collective action is concerned with the provision of public goods (and other collective consumption) through the collaboration of two or more individuals, and the impact of externalities on group behavior. ... Intrinsic motivation causes people to engage in an activity for its own sake. ... Generally, the business models of service firms are more complex than those of manufacturers and resellers. ... A complement good (or complementary good) is a good that should be consumed with another good. ... A roadway light in front of a red sky at night A street light or street lamp, also known as a light standard or lamp standard, is a raised light on the edge of a road, turned on or lit at a certain time every night. ...

The existence of privileged groups is not a complete solution to the free rider problem, however, as underproduction of the public good can still result. The street light builder, for instance, would not consider the added benefit to neighboring businesses when determining whether to erect his street light, making it possible that the street light isn't built when the cost of building is too high for the single entrepreneur even when the total benefit to all the businesses combined exceeds the cost.

An example of the privileged group solution could be the Linux community, assuming that users derive more benefit from contributing than it costs them to do it. For more discussion on this topic see also Coase's Penguin. Unix systems filiation. ... Coases Penguin, or Linux and the Nature of the Firm, is an essay written in 2002 by Yochai Benkler, Professor of Law at the Yale University School of Law. ...

Merging of free riders

Another method of overcoming the free rider problem is to simply eliminate the profit incentive for free riding by buying out all the potential free riders. A property developer that owned an entire city street, for instance, would not need to worry about free riders when erecting street lights since he owns every business that could benefit from the street light without paying. Implicitly, then, the property developer would erect street lights until the marginal social benefit met the marginal social cost, since in this case they are equivalent to the private marginal benefits and costs.

While the purchase of all potential free riders may solve the problem of underproduction due to free riders in smaller markets, it may simultaneously introduce the problem of underproduction due to monopoly. Additionally, some markets are simply too large to make a buyout of all beneficiaries feasible - this is particularly visible with public goods that affect everyone in a country. In economics, a monopoly (from the Greek monos, one + polein, to sell) is defined as a persistent market situation where there is only one provider of a kind of product or service. ...

Legislated exclusion

Another solution, which has evolved for information goods, is to create intellectual property laws, such as copyright or patents, covering the public goods. These laws attempt to remove the natural non-excludability by prohibiting reproduction of the good. Although they can solve the free rider problem, the downside of these laws is that they imply private monopoly power and thus are not Pareto optimal. For example, in the United States, the patent rights given to pharmaceutical companies encourage them to charge high prices (above marginal cost), to advertise to convince patients to nag their doctors to prescribe the drugs, to sue even mild imitators in court, and to lobby for the extension of patent rights. (See rent seeking.) In law, particularly in common law jurisdictions, intellectual property or IP refers to a legal entitlement which sometimes attaches to the expressed form of an idea, or to some other intangible subject matter. ... For copyright issues in relation to Wikipedia itself, see Wikipedia:Copyrights. ... A patent is a set of exclusive rights granted by a state to a person for a fixed period of time in exchange for the regulated, public disclosure of certain details of a device, method, process or substance (known as an invention) which is new, inventive and useful. ... Pareto efficiency, or Pareto optimality, is a central concept in economics with broad applications in game theory, engineering and the social sciences. ... In economics and finance, marginal cost is the increase in total cost that arises when the quantity produced (or purchased) increases by one unit. ... The phenomenon of rent-seeking was first identified in connection with monopolies by Gordon Tullock, in a paper in 1967. ...

This near-ubiquitous problem arises because the underlying marginal cost of giving the good to more people is low or zero, but, because of the limits of price discrimination (including both arbitrage and a lack of incentives to provide cheap, high quality copies to those with little ability to pay), those who are unwilling or unable to pay a profit-maximising price, do not get access to the good. In economics and finance, marginal cost is the increase in total cost that arises when the quantity produced (or purchased) increases by one unit. ... Price discrimination exists when sales of identical goods or services are transacted at different prices from the same provider. ... In economics, arbitrage is the practice of taking advantage of a state of imbalance between two (or possibly more) markets: a combination of matching deals are struck that exploit the imbalance, the profit being the difference between the market prices. ...

Joseph Schumpeter claimed that the "excess profits" generated by the copyright or patent monopoly will attract competitors that will make technological innovations and thereby end the monopoly. This is a continual process referred to as "Schumpeterian creative destruction", and its applicability to different types of public goods is a source of some controversy. The supporters of the theory point to the case of Microsoft, for example, which has been increasing its prices (or lowering its products' quality), and predict that these practices will make increased market shares for Linux and Macintosh largely inevitable. Joseph Schumpeter Joseph Alois Schumpeter (February 8, 1883 – January 8, 1950) was an Austrian economist (though not an Austrian economist in the sense of being a member of the Austrian School of economics) and a giant in the history of economic thought. ... Creative destruction is the colourful expression introduced by the economist Joseph Schumpeter to describe his view of the process of industrial transformation that accompanies radical innovation. ...

Non-individualism

If enough people do not think like free-riders, the private and voluntary provision of public goods may be successful. A free rider might litter in a public park, but a more public-spirited individual would not do so, getting an inherent pleasure from helping the community. In fact, a public-spirited person might voluntarily pick up some of the existing litter. If enough people do so, the role of the state in using taxes to hire professional maintenance crews is reduced. This might imply that even a free-rider would not litter, since his or her action would have such an obvious cost.

Public spirit may be encouraged by non-market solutions to the economic problem, such as tradition and decentralized democracy. The centralized government may play only a supporting role here. A tradition is a story or a custom that is memorized and passed down from generation to generation, originally without the need for a writing system. ...

In turn, this kind of public spirit – involving nationalism, patriotism, or national chauvinism or sometimes religious or ethnic unity – has been part of most successful war efforts, complementing the roles of taxation and conscription. To some extent, public spiritedness of a more limited type is the basis for voluntary contributions that support public radio and TV. Contributions to online collaborative media like Wikipedia and many other projects utilising wiki technology can also be seen to represent an example of such public spiritedness, since they provide a public good (information) freely to all readers. // Nationalism is an ideology which holds that the nation, ethnicity or national identity is a fundamental unit of human social life, and makes certain political claims based on that belief, above all the claim that the nation is the only legitimate basis for the state and that each nation is... Defense of the homeland is a commonplace of military patriotism: commemorating the students at the École Polytechnique, Paris, 1814 Patriotism denotes positive attitudes by a person to their own nation, to its national homeland, its culture, its members, and to its interests. ... Chauvinism is extreme and unreasoning partisanship on behalf of a group to which one belongs, especially when the partisanship includes malice and hatred towards a rival group. ... This article is being considered for deletion in accordance with Wikipedias deletion policy. ... An ethnic group is a group of people who identify with one another, or are so identified by others, on the basis of a boundary that distinguishes them from other groups. ... Public broadcasting (also known as public service broadcasting or PSB) is the dominant form of broadcasting around the world, where radio, television, and potentially other electronic media outlets receive funding from the public. ... Public broadcasting (also known as public service broadcasting or PSB) is the dominant form of broadcasting around the world, where radio, television, and potentially other electronic media outlets receive funding from the public. ... The Wikipedia logo. ... Wikibooks has more about this subject: Wiki Science A wiki (IPA: /wiːkiː/, weekee [1]) is a web application that allows users to add content, as on an Internet forum, but also allows others (often completely unrestricted) to edit the content. ...

Efficient production levels of public goods

Regardless of the method of attaining public goods production, the efficient level of such production is still susceptible to economic analysis. For instance, the Samuelson condition calculates the efficient level of public goods production to be where the ratio of the marginal social cost of public and private goods production equals the ratio of the marginal social benefit of public and private goods production. The Samuelson condition, authored by Paul Samuelson, is a condition for the efficient production of public goods. ...

See also

• Collective action
• Common Property Resources
• Externalities
• Global public good
• Natural monopoly
• Public goods game

The economic theory of collective action is concerned with the provision of public goods (and other collective consumption) through the collaboration of two or more individuals, and the impact of externalities on group behavior. ... A Common Property Resource or Common Pool Resource (CPR) is produced by a sufficiently large resource system that makes it costly but not impossible to exclude potential beneficiaries. ... An externality occurs in economics when a decision (for example, to pollute the atmosphere) causes costs or benefits to individuals or groups other than the person making the decision. ... A global public good is a good that has the three following properties : It is non-rivalrous. ... In economics, a natural monopoly is a persistent situation where a single company is the only supplier of a particular kind of product or service due to the fundamental cost structure of the industry. ... The Public goods game is a standard of experimental economics; in the basic game subjects secretly choose how many of their private tokens to put into the public pot. ...

External sources

• Coase, Ronald (1974), The Lighthouse in Economics, Journal of Law and Economics 17 (2), 357–376

External Links

SpecialInvestor.com's Definition of Public Goods