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What is Market Failure

Handbook of Research on Heritage Management and Preservation
A situation in which the allocation of goods and services is not efficient, and where action could be taken to address an identified support or supply gap left by market forces or private enterprise.
Published in Chapter:
Some Economics of Conservation of Cultural Heritage: The Key Questions
Marilena Vecco (Université Bourgogne Franche-Comté, France)
Copyright: © 2018 |Pages: 21
DOI: 10.4018/978-1-5225-3137-1.ch015
This chapter contributes to theoretical debates in the study of the economics of cultural heritage conservation. In particular, it deals with the economic analysis, the effects, and the normative aspects of decision making on the preservation of artistic and historical heritage. The different concepts of conservation (re-use, restoration, preservation) are discussed from an economic and historical perspective. A formalised model is presented to ground the analysis. The most relevant dilemmas characterising the issue are studied on this basis. The impossibility of deriving optimum solutions from the market is argued together with the arbitrariness of all non-market decisions on this subject. The rejection of the current definition of conservation as “preservation” on economic grounds is therefore suggested, given its pure ideological nature.
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Public Policies for Broadband Development in the European Union: New Trends for Universalisation of Services
Economic term that encompasses a situation where, in a given market, the market mechanism fails to allocate goods or resources efficiently.
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Government Tools and Assistive Tools
A lack of positive action from the private market, or private entities to support a commercial activity. This is often due to perceived high risk, or lack of clear benefits resulting to the private entities involved. It means that certain activities are not supported by private entities even if these activities would benefit the economy in general. In that case it is often up-to public (government) entities to get involved and make supporting the activities more attractive to the private sector or support the activities directly. This is done in order to benefit the economy in general.
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The Economic and Social Value of Financial Literacy
A situation in which the allocation of goods and services by a free market in not Pareto efficient. The existence of market failures is often behind governments economic interventions.
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The Significance of Public Goods in Market Failure Debates: The Role of Public Goods on Market Failure From the Perspective of Schools of Economic Thought
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The Role of Information in Decision Making
Market failure are situations where markets do not operate efficiently in the organisation, production, or allocation of goods and services to consumers.
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Currency Crisis in Developing Countries
Situation where a market does not achieve the optimal allocation of resources, eg as a result of imperfect information, anti-competitive practices or abuse of market power.
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