1 Public Value Failure : “ When Efficient Markets May Not Do ”

  title={1 Public Value Failure : “ When Efficient Markets May Not Do ”},
  author={Barry Bozeman},
The familiar market failure model remains quite useful for issues of price efficiency and traditional utilitarianism, but has many shortcomings as an aid to understanding the public value aspects of public policy and management. In developing a public value failure model, I present diagnostic criteria for values problems not easily addressed by market failure models. Public value failure occurs when: (1) mechanisms for values articulation and aggregation have broken down; (2) “imperfect… CONTINUE READING

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