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Statements

Subject Item
dbr:Assurance_contract
rdf:type
dbo:Organisation
rdfs:label
Assurance contract
rdfs:comment
An assurance contract, also known as a provision point mechanism, or crowdaction, is a game-theoretic mechanism and a financial technology that facilitates the voluntary creation of public goods and club goods in the face of collective action problems such as the free rider problem.
dcterms:subject
dbc:Structured_finance dbc:Libertarianism
dbo:wikiPageID
2036279
dbo:wikiPageRevisionID
1088016501
dbo:wikiPageWikiLink
dbr:Club_good dbr:Anarcho-capitalism dbr:Financial_engineering dbr:Alex_Tabarrok dbr:Free_State_Project dbr:Mechanism_design dbr:Public_good_(economics) dbr:Contingency_market dbc:Libertarianism dbr:Crowd_funding dbr:Preorder_economy dbr:Libertarians dbr:Dominance_(game_theory) dbr:Kickstarter dbr:Utility dbr:Free_rider_problem dbr:Game_theory dbr:Micropatronage dbr:Collective_action dbr:Threshold_pledge_system dbc:Structured_finance dbr:Promise
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freebase:m.06grjc wikidata:Q4810396 n15:4TTth
dbp:wikiPageUsesTemplate
dbt:Refimprove dbt:Unclear dbt:Short_description dbt:Citation_needed dbt:Reflist
dbp:date
December 2014
dbp:reason
the connection to the free rider problem is not explained
dbo:abstract
An assurance contract, also known as a provision point mechanism, or crowdaction, is a game-theoretic mechanism and a financial technology that facilitates the voluntary creation of public goods and club goods in the face of collective action problems such as 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.
gold:hypernym
dbr:Mechanism
prov:wasDerivedFrom
wikipedia-en:Assurance_contract?oldid=1088016501&ns=0
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5377
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wikipedia-en:Assurance_contract