"Two fundamental characteristics; a degree of excludability and a degree of rivalry."
Classification of goods based on excludability and rivalry, and their implication for environmental protection.
Public goods: These are goods that are non-rivalrous and non-excludable, meaning that individuals cannot be excluded from enjoying them, and consumption by one person does not impede the consumption by another person.
Private goods: These are goods that are excludable and rivalrous, meaning that only those who pay for them can access or use them, and their use by one person can prevent their use by others.
Common goods: These are goods that are non-excludable but rivalrous in consumption, meaning that individuals cannot be denied access to them, but consumption by one person reduces the amount available for others.
Club goods: These are goods that are excludable but non-rivalrous, meaning that individuals have to pay to access them, but their use by one person does not reduce the amount available for others.
Eco-labelling: The practice of attaching labels on goods and services to provide information about their environmental impact.
Green products and services: These are products and services that are designed to minimize environmental impact or provide environmental benefits.
Clean technology: Technologies that promote sustainable development and reduce environmental pollution.
Life-cycle assessment: A methodology that assesses the environmental impacts of a product or service over its entire life cycle.
Externalities: The positive or negative impacts that the production or consumption of a good or service has on others, which are not reflected in the market price of the good or service.
Market failure: When the market fails to allocate resources efficiently, e.g. when externalities are not considered in pricing.
Sustainable consumption: Choices and behaviours that promote sustainable use of resources and reduced environmental impact.
Circular economy: An economic model that aims to minimize waste and promote the reuse of resources.
Carbon pricing: The practice of placing a price on carbon emissions to promote the transition to a low-carbon economy.
Environmental taxation: Taxes imposed on goods and services that have negative environmental impacts.
Tradable permits: The practice of issuing permits that allow a certain level of emissions, which can be bought and sold by businesses as a way of reducing overall emissions.
Private Goods: Private goods are products that are owned, mitigated and sold by individuals or companies for their own benefit, such as clothing, electronics, and food.
Public Goods: Public goods are goods that are not owned by anyone, can be freely available, and can be used by the general public, such as public parks, street lighting, and national defense.
Common-pool Resources: Common-pool resources are shared resources that are non-excludable and non-rival, such as water, air, and fisheries.
Merit Goods: Merit goods are goods that are provided by the government or other public institutions because they are deemed to have a social or public benefit, such as education, healthcare, and public transportation.
Demerit Goods: Demerit goods are goods that are considered harmful, either to individuals or to society as a whole, such as tobacco, alcohol, and pollution.
Club Goods: Club goods are goods that are excludable, meaning that access can be restricted, but are non-rivalrous and can be shared by a group, such as private golf clubs, satellite television, and toll roads.
Experience Goods: Experience goods are goods that are purchased for the experience and pleasure derived from them, such as vacations and cultural events.
Credence Goods: Credence goods are goods that are difficult to evaluate prior to purchase, such as organic foods, nutritional supplements, and financial services.
Informational Goods: Informational goods are goods that provide information or knowledge, such as books, databases, and educational courses.
Quasi-Public Goods: Quasi-public goods are goods that have some characteristics of public goods and some characteristics of private goods, such as scientific research and public broadcasting.
"Excludability was originally proposed in 1954 by American economist Paul Samuelson."
"Excludability is defined as the degree to which a good, service or resource can be limited to only paying customers."
"Goods that are both non-rivalrous and non-excludable."
"Samuelson additionally highlighted the market failure of the free-rider problem that can occur with non-excludable goods."
"Richard Musgrave in 1959, Garrett Hardin in 1968."
"Garrett Hardin [...] expanded upon another key market inefficiency of non-excludable goods; the tragedy of the commons."
"Excludability was further expanded upon by Elinor Ostrom in 1990 to be a continuous characteristic."
"Ostrom's theory proposed that excludability can be placed on a scale that would range from fully excludable to fully non-excludable."
"This scale allows producers and providers more in-depth information that can then be used to generate more efficient price equations."
"Maximize benefits and positive externalities for all consumers of the good."
"In economics, a good, service or resource are broadly assigned two fundamental characteristics; a degree of excludability and a degree of rivalry. Excludability was originally proposed in 1954..."
"Samuelson additionally highlighted the market failure of the free-rider problem that can occur with non-excludable goods."
"Musgrave [...] further expanded upon Samuelson's theory of good classification."
"Garrett Hardin [...] expanded upon another key market inefficiency of non-excludable goods; the tragedy of the commons."
"Excludability was further expanded upon by Elinor Ostrom in 1990 to be a continuous characteristic."
"This scale allows producers and providers more in-depth information that can then be used to generate more efficient price equations."
"This scale allows producers and providers more in-depth information that can then be used to generate more efficient price equations."
"Maximize benefits and positive externalities for all consumers of the good."
"Goods that are both non-rivalrous and non-excludable."