The concept of merit goods, since its introduction thirty years ago (Musgrave 1957, 1958), has been widely discussed and given divergent interpretations (for surveys, see Head 1966; Andel 1984). Since no patent attaches to the term, it is thus difficult to provide a unique definition. However...
Ineconomics, a good to which persons are believed to have a right. That is, a merit good is something that should be available forfreeor at reducedpricesbecause it is necessary and thefree marketdoes not provide sufficient incentives to produce it. Examples of merit goods may include education...
Culyer, A.J. 1971a. Merit goods and the welfare economics of coercion. Public Finance 26, 546-571. Reprinted in Ver Eecke, W. 2006. Merit Goods: The Birth of a New Concept. The Unfinished Ethical Evolution in Economic Theory. Purdue University Press, Ashland Ohio, 174-200)....
The concept of merit goods was a precursor to the debates on paternalism within welfare economics. In particular, the interpretation of the merit goods concept through the meta-preferences approach helps in legitimizing legal intervention and achieving a more efficient regulation. When Musgrave introduced...
goods and services are individual freedom of choice and the existence of externalities (i.e. positive or negative repercussions on society as a whole). In addition to these, three more variables are necessary for a complete definition: rivalry (i.e. the impossibility of a contemporary use of ...
theconceptofameritgoodcanserveasareadyvehicleforintroducinganethicaldimensionintotheformationoffutureleadersin1businessandpolitics.Iwillsaymoreaboutmeritgoodsandhowtheseobjectivesmightbeaccomplishedinamoment.ButIshouldliketomentionthatoneconsiderableadvantageofthe“meritgood”approachisthatstudentscometorecognizethatitisimp...
Public goods are non-rivalry and non-excludable. Non-rivalry implies that one's consumption does not diminish the amount of public goods available to... Learn more about this topic: Public Good in Economics | Definition, Characteristics & Examples ...
This interpretation leads to treating The Letter as a document dealling with the moral and ethical issues involved in selection of social goals and with incorporating these goals into welfare economics by identifying them as merit wants (or goals). A society that does have merit goods among its...
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4.2.1 Auction for N goods, complete information Given that the price of production is linear in the competitive advantage of each provider, the auction can be implemented on the average price for producing the N services, i.e. the provider that declares the minimum average cost wins the ...