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In economics, market failure is a situation in which the allocation of goods and services is not efficient. That is, there exists another conceivable outcome where an individual may be made better-off without making someone else worse-off. (The outcome is not Pareto optimal.) Market failures can be viewed as scenarios where individuals' pursuit of pure self-interest leads to results that are not efficient – that can be improved upon from the societal point of view.〔John O. Ledyard (2008). "market failure," ''The New Palgrave Dictionary of Economics'', 2nd Ed. (Abstract. )〕〔Paul Krugman and Robin Wells (2006). ''Economics'', New York, Worth Publishers.〕 The first known use of the term by economists was in 1958,〔Francis M. Bator (1958). "The Anatomy of Market Failure," ''Quarterly Journal of Economics'', 72(3) pp. (351–379 ) (press +). 〕 but the concept has been traced back to the Victorian philosopher Henry Sidgwick.〔Steven G. Medema (2007). "The Hesitant Hand: Mill, Sidgwick, and the Evolution of the Theory of Market Failure," ''History of Political Economy'', 39(3), p (p. 331 )-358. 2004 (Online Working Paper. )〕 Market failures are often associated with time-inconsistent preferences,〔•Ignacio Palacios-Huerta (2003) "Time-inconsistent preferences in Adam Smith and David Hume," ''History of Political Economy'', 35(2), pp241-268 ()〕 information asymmetries,〔• Charles Wilson (2008). "adverse selection," ''The New Palgrave Dictionary of Economics'' 2nd Edition. (Abstract. ) • Joseph E. Stiglitz (1998). "The Private Uses of Public Interests: Incentives and Institutions," ''Journal of Economic Perspectives'', 12(2), pp. (3-22. )〕 non-competitive markets, principal–agent problems, externalities,〔J.J. Laffont (2008). "externalities," ''The New Palgrave Dictionary of Economics'', 2nd Ed. (Abstract. )〕 or public goods.〔Joseph E. Stiglitz (1989). "Markets, Market Failures, and Development," ''American Economic Review'', 79(2), pp. (197-203. )〕 The existence of a market failure is often the reason that self-regulatory organizations, governments or supra-national institutions intervene in a particular market.〔Kenneth J. Arrow (1969). "The Organization of Economic Activity: Issues Pertinent to the Choice of Market versus Non-market Allocations," in ''Analysis and Evaluation of Public Expenditures: The PPP System'', Washington, D.C., Joint Economic Committee of Congress. PDF reprint as pp. (1-16 ) (press +).〕 Economists, especially microeconomists, are often concerned with the causes of market failure and possible means of correction. Such analysis plays an important role in many types of public policy decisions and studies. However, government policy interventions, such as taxes, subsidies, bailouts, wage and price controls, and regulations (including poorly implemented attempts to correct market failure), may also lead to an inefficient allocation of resources, sometimes called government failure. Given the tension between, on the one hand, the undeniable costs to society caused by market failure, and on the other hand, the potential that attempts to mitigate these costs could lead to even greater costs from "government failure," there is sometimes a choice between imperfect outcomes, i.e. imperfect market outcomes with or without government interventions. But either way, if a market failure exists the outcome is not Pareto efficient. Most mainstream economists believe that there are circumstances (like building codes or endangered species) in which it is possible for government or other organizations to improve the inefficient market outcome. Several heterodox schools of thought disagree with this as a matter of principle. ==Categories== Different economists have different views about what events are the sources of market failure. Mainstream economic analysis widely accepts a market failure (relative to Pareto efficiency) can occur for three main reasons: if the market is "monopolised" or a small group of businesses hold significant market power, if production of the good or service results in an externality, or if the good or service is a "public good". 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「market failure」の詳細全文を読む スポンサード リンク
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