public good
/ˌpʌblɪk ˈɡʊd/
a good that is non-excludable and non-rivalrous
public good in a sentence
“Street lighting is a classic public good.”
Origin of public good
From public (Latin publicus) + good
Related Words
externality
a cost or benefit affecting parties not involved in a transaction
club good
a good that is excludable but non-rivalrous
common pool resource
a resource that is rivalrous but non-excludable
mechanism design
creating rules to achieve desired outcomes given strategic behavior
incentive compatibility
a system where honest behavior is in each participant's interest
social dilemma
a situation where individual rationality leads to collective irrationality