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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 a public pot. The tokens in this pot are multiplied by a factor (greater than one and less than the number of players, N) and this "public good" payoff is evenly divided among players.
In economics, a public good (also referred to as a social good or collective good) [ 1] is a good that is both non-excludable and non-rivalrous. Use by one person neither prevents access by other people, nor does it reduce availability to others. [ 1] Therefore, the good can be used simultaneously by more than one person. [ 2]
In economics, a common-pool resource ( CPR) is a type of good consisting of a natural or human -made resource system (e.g. an irrigation system or fishing grounds), whose size or characteristics makes it costly, but not impossible, to exclude potential beneficiaries from obtaining benefits from its use. Unlike pure public goods, common pool ...
Politics. Public choice, or public choice theory, is "the use of economic tools to deal with traditional problems of political science ." [ 1] Its content includes the study of political behavior. In political science, it is the subset of positive political theory that studies self-interested agents (voters, politicians, bureaucrats) and their ...
t. e. An economic ideology is a set of views forming the basis of an ideology on how the economy should run. It differentiates itself from economic theory in being normative rather than just explanatory in its approach, whereas the aim of economic theories is to create accurate explanatory models to describe how an economy currently functions.
In economics, crowding out is a phenomenon that occurs when increased government involvement in a sector of the market economy substantially affects the remainder of the market, either on the supply or demand side of the market. One type frequently discussed is when expansionary fiscal policy reduces investment spending by the private sector.
Free-rider problem. In economics, the free-rider problem is a type of market failure that occurs when those who benefit from resources, public goods and common pool resources do not pay for them [ 1] or under-pay. Examples of such goods are public roads or public libraries or other services or utilities of a communal nature.
t. e. Game theory is the study of mathematical models of strategic interactions. [ 1] It has applications in many fields of social science, and is used extensively in economics, logic, systems science and computer science. [ 2] Initially, game theory addressed two-person zero-sum games, in which a participant's gains or losses are exactly ...