The point at which these things are most efficiently allocated occurs when individuals' marginal rates of substitution equal the economy's marginal rate of transformation.
Assurance contracts are game theoretical mechanisms that help govern the creation of these entities. The Groves mechanism proposes a method to get people to honestly reveal their demand for these entities. The point at which these things are most efficiently allocated occurs when individuals' marginal rates of substitution equal the economy's marginal rate of transformation. Ronald Coase challenged the idea that lighthouses are (*) examples of these entities in his paper "The Lighthouse in Economics." Mancur Olson authored a book on how collective action leads to a problem associated with these entities. Paul Samuelson names a condition that describes when these entities are most efficiently provided. These entities are non-rivalrous and non-excludable, and the free rider problem arises from these kinds of goods. For 10 points, name these types of goods that can be accessed indiscriminately by members of a community.
Assurance contracts are game theoretical mechanisms that help govern the creation of these entities.
public goods [do not accept or prompt on "goods"]