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Economies with Public Goods

In: The Theory of Implementation of Socially Optimal Decisions in Economics

Author

Listed:
  • Luis C. Corchón

    (Universidad de Alicante)

Abstract

A public good is one for which there is non-rivalry in consumption, that is, if the good is consumed by individual i, this does not preclude individual j from consuming it. When there is neither exclusion nor free disposal a public good becomes a collective decision whose consequences affect the whole of society. Pure public goods are those whose quantity consumed by each member of the society is identical. It should be noted that a public good is a special sort of externality.

Suggested Citation

  • Luis C. Corchón, 1996. "Economies with Public Goods," Palgrave Macmillan Books, in: The Theory of Implementation of Socially Optimal Decisions in Economics, chapter 1, pages 1-24, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-37283-2_1
    DOI: 10.1057/9780230372832_1
    as

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