Scheufele, Gabriela; Bennett, Jeffrey; Kyophilavong, Phouphet
A failure of markets to coordinate demand with supply indicates that the transaction costs of an exchange outweigh the benefits that buyers and suppliers expect to gain from trade. As a result, some goods and services are not traded in markets, despite potential demand and prospective supply. This is the case for some environmental services that exhibit the public good and common pool resource characteristic of non-excludability caused by the prohibitive transaction costs associated with...[Show more]
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