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- Assurance_contract abstract "An assurance contract, also known as a provision point mechanism, is a game theoretic mechanism and a financial technology that facilitates the voluntary creation of public goods and club goods in the face of the free rider problem. The free rider problem is that there may be actions that would benefit a large group of people, but once the action is taken, there is no way to exclude those who did not pay for the action from the benefits. This leads to a game theoretic problem: all members of a group might be better off if an action were taken, and the members of the group contributed to the cost of the action, but many members of the group may make the perfectly rational decision to let others pay for it, then reap the benefits for free, possibly with the result that no action is taken. The result of this rational game play is lower utility for everyone.Assurance contracts operate as follows:In a binding way, members of a group pledge to contribute to action A if a total contribution level is reached (often a monetary threshold, or a quorum of N members making the same pledge). If the threshold level is met (perhaps by a certain expiration date), the action is taken, and the public good is provided; otherwise, the parties are not bound to carry through the action and any monetary contributions are refunded. The treatment of excess contributions varies: they may be lost, rebated proportionally to the contributors, or used to provide more of the public good.The binding mechanism may be a contract enforced by a government, a contract enforced by a private organization (e.g. a mediator, a protection agency in an anarcho-capitalist society, etc.), an escrow organization (in such cases, the "binding contract" is "signed" by depositing funds in advance, which are later either disbursed according to the contract, or refunded), etc.In the economics literature, assurance contracts were first described by Bagnoli and Lipman (1989).".
- Assurance_contract wikiPageExternalLink PrivateProvision.pdf.
- Assurance_contract wikiPageID "2036279".
- Assurance_contract wikiPageLength "4561".
- Assurance_contract wikiPageOutDegree "21".
- Assurance_contract wikiPageRevisionID "636573069".
- Assurance_contract wikiPageWikiLink Alex_Tabarrok.
- Assurance_contract wikiPageWikiLink Anarcho-capitalism.
- Assurance_contract wikiPageWikiLink Category:Libertarianism.
- Assurance_contract wikiPageWikiLink Category:Structured_finance.
- Assurance_contract wikiPageWikiLink Club_good.
- Assurance_contract wikiPageWikiLink Contingency_market.
- Assurance_contract wikiPageWikiLink Crowd_funding.
- Assurance_contract wikiPageWikiLink Crowdfunding.
- Assurance_contract wikiPageWikiLink Dominance_(game_theory).
- Assurance_contract wikiPageWikiLink Financial_engineering.
- Assurance_contract wikiPageWikiLink Free_State_Project.
- Assurance_contract wikiPageWikiLink Free_rider_problem.
- Assurance_contract wikiPageWikiLink Game_theory.
- Assurance_contract wikiPageWikiLink Kickstarter.
- Assurance_contract wikiPageWikiLink Libertarianism.
- Assurance_contract wikiPageWikiLink Libertarians.
- Assurance_contract wikiPageWikiLink Mechanism_design.
- Assurance_contract wikiPageWikiLink Micropatronage.
- Assurance_contract wikiPageWikiLink Peer-to-peer_lending.
- Assurance_contract wikiPageWikiLink Preorder_economy.
- Assurance_contract wikiPageWikiLink Public_good.
- Assurance_contract wikiPageWikiLink Strategic_dominance.
- Assurance_contract wikiPageWikiLink Threshold_pledge_system.
- Assurance_contract wikiPageWikiLink Utility.
- Assurance_contract wikiPageWikiLinkText "Assurance contract".
- Assurance_contract wikiPageWikiLinkText "Assurance contract#Dominant_assurance_contracts".
- Assurance_contract wikiPageWikiLinkText "assurance contract".
- Assurance_contract wikiPageWikiLinkText "dominant assurance contract".
- Assurance_contract wikiPageWikiLinkText "dominant assurance contracts".
- Assurance_contract date "December 2014".
- Assurance_contract hasPhotoCollection Assurance_contract.
- Assurance_contract reason "the connection to the free rider problem is not explained".
- Assurance_contract wikiPageUsesTemplate Template:Citation_needed.
- Assurance_contract wikiPageUsesTemplate Template:Refimprove.
- Assurance_contract wikiPageUsesTemplate Template:Unclear.
- Assurance_contract subject Category:Libertarianism.
- Assurance_contract subject Category:Structured_finance.
- Assurance_contract hypernym Mechanism.
- Assurance_contract type Article.
- Assurance_contract type Organisation.
- Assurance_contract type Article.
- Assurance_contract type Field.
- Assurance_contract comment "An assurance contract, also known as a provision point mechanism, is a game theoretic mechanism and a financial technology that facilitates the voluntary creation of public goods and club goods in the face of the free rider problem. The free rider problem is that there may be actions that would benefit a large group of people, but once the action is taken, there is no way to exclude those who did not pay for the action from the benefits.".
- Assurance_contract label "Assurance contract".
- Assurance_contract sameAs m.06grjc.
- Assurance_contract sameAs Q4810396.
- Assurance_contract sameAs Q4810396.
- Assurance_contract wasDerivedFrom Assurance_contract?oldid=636573069.
- Assurance_contract isPrimaryTopicOf Assurance_contract.