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(DP 2015-03) Completing Ostrom’s Table: A Note on the Taxonomy of Goods

Emmanuel S. de Dios

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Abstract

A framework is proposed to subsume public goods and common-pool resources, respectively, as specific cases of positive and negative externalities. A pure public good is a positive externality whose appropriable benefits are too small or too uncertain relative to the high private cost for anyone to produce it in any amount. The common-pool problem is a case where each agent’s action imposes a negative externality on everyone else. JEL Codes: D61, D62, H41, H42

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What this paper is about

A framework is proposed to subsume public goods and common-pool resources, respectively, as specific cases of positive and negative externalities. A pure public good is a positive externality whose appropriable benefits are too small or too uncertain relative to the high private cost for anyone to produce it in any amount. The common-pool problem is a case where each agent’s action imposes a negative externality on everyone else. JEL Codes: D61, D62, H41, H42

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Available abstract

A framework is proposed to subsume public goods and common-pool resources, respectively, as specific cases of positive and negative externalities. A pure public good is a positive externality whose appropriable benefits are too small or too uncertain relative to the high private cost for anyone to produce it in any amount. The common-pool problem is a case where each agent’s action imposes a negative externality on everyone else. JEL Codes: D61, D62, H41, H42

Key concepts: Externality, Public good, Private good, Economics, Microeconomics, Table (database), Public economics, Action (physics)

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