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• W3126135578 abstract "What role does government play in the provision of public goods? Economists have used the lighthouse as an empirical example to illustrate the extent to which the private provision of public goods is possible. This inquiry, however, has neglected the private provision of lightships. We investigate the private operation of the world’s first modern lightship, established in 1731 on the banks of the Thames estuary going in and out of London. First, we show that the Nore lightship was able to operate profitably and without government enforcement in the collection of payments for lighting services. Second, we show how private efforts to build lightships were crowded out by Trinity House, the public authority responsible for establishing and maintaining lighthouses in England and Wales. By including lightships into the broader lighthouse market, we argue that the provision of lighting services exemplifies not a market failure, but a government failure." @default.
• W3126135578 created "2021-02-01" @default.
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• W3126135578 date "2017-01-01" @default.
• W3126135578 modified "2023-10-18" @default.
• W3126135578 title "The Lightship in Economics?" @default.
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• W3126135578 doi "https://doi.org/10.2139/ssrn.3157100" @default.
• W3126135578 hasPublicationYear "2017" @default.
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