Urban and Environmental Economics by Squires Graham

Author:Squires, Graham
Language: eng
Format: epub
Publisher: Taylor and Francis

Table 7.1 Types of market failure and descriptors

Type of failure

Descriptors

Monopolies (including natural monopoly)

• Few producers relative to the size of the market

Externalities

• External social and environmental costs, in addition to internal market costs

Public goods (and common property resources)

• No exclusive and non-rival

• Owned by no-one, used by anyone

Weak property rights

• Inability of institutions to establish well-defined property rights – market doesn't function in a complete rational and bounded process

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