Examlex
It is important to use a "none" or "no choice" option in all choice-based conjoint analysis.
Market Failure
Occurs when the allocation of goods and services by a free market is not efficient.
Free-rider Problem
A situation in public economics where individuals consume a good without paying for it, leading to underproduction or depletion of the good, as seen often in public goods and common resources.
Public Good
A good that is non-excludable and non-rivalrous, meaning individuals cannot be effectively excluded from its use and one person's use does not diminish its availability to others.
Nonexclusion
A characteristic of certain goods where it is difficult or impossible to exclude individuals from using the good, often leading to issues with free riders.
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