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DEFINITIONS

Collective action

Definition

The economic theory of Collective action is concerned with the provision of public goods (and other collective consumption) through the collaboration of two or more individuals, and the impact of externalities on group behavior.

The theory explores the market failures where individual consumer rationality and firms' profit-seeking do not lead to efficient provision of the public goods, i.e. that another level of provision would provide a higher utility at a lower cost.

RELATED TERMS
Collective action clause



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