public goods

Agnar Sandmo
From The New Palgrave Dictionary of Economics, Second Edition, 2008
Edited by Steven N. Durlauf and Lawrence E. Blume
Alternate versions available: 1987 Edition
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Abstract

This article provides a mathematical and diagrammatic exposition of the theory of public goods as originally formulated by Paul Samuelson. It describes the extension of the model to take account of the costs of distortionary taxation, and discusses the concept of the marginal cost of public funds. Different types of public goods (such as mixed goods and local and global public goods) are discussed before a survey of the incentive problems related to preference revelation.
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How to cite this article

Sandmo, Agnar. "public goods." The New Palgrave Dictionary of Economics. Second Edition. Eds. Steven N. Durlauf and Lawrence E. Blume. Palgrave Macmillan, 2008. The New Palgrave Dictionary of Economics Online. Palgrave Macmillan. 23 September 2017 <http://www.dictionaryofeconomics.com/article?id=pde2008_P000245> doi:10.1057/9780230226203.1364

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