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Unsourced material may be challenged and removed.<br /><small><span class="plainlinks"><i>Find sources:</i> <a rel="nofollow" class="external text" href="https://www.google.com/search?as_eq=wikipedia&q=%22Assurance+contract%22">"Assurance contract"</a> – <a rel="nofollow" class="external text" href="https://www.google.com/search?tbm=nws&q=%22Assurance+contract%22+-wikipedia&tbs=ar:1">news</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.google.com/search?&q=%22Assurance+contract%22&tbs=bkt:s&tbm=bks">newspapers</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.google.com/search?tbs=bks:1&q=%22Assurance+contract%22+-wikipedia">books</a> <b>·</b> <a rel="nofollow" class="external text" href="https://scholar.google.com/scholar?q=%22Assurance+contract%22">scholar</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.jstor.org/action/doBasicSearch?Query=%22Assurance+contract%22&acc=on&wc=on">JSTOR</a></span></small></span> <span class="date-container"><i>(<span class="date">December 2014</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1251242444"><table class="box-Confusing plainlinks metadata ambox ambox-style ambox-confusing" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/f/f2/Edit-clear.svg/40px-Edit-clear.svg.png" decoding="async" width="40" height="40" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/f/f2/Edit-clear.svg/60px-Edit-clear.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/f/f2/Edit-clear.svg/80px-Edit-clear.svg.png 2x" data-file-width="48" data-file-height="48" /></span></span></div></td><td class="mbox-text"><div class="mbox-text-span">This article <b>may be <a href="/wiki/Wikipedia:Vagueness" title="Wikipedia:Vagueness">confusing or unclear</a> to readers</b>. In particular, the connection to the free rider problem is not explained.<span class="hide-when-compact"> Please help <a href="/wiki/Wikipedia:Please_clarify" title="Wikipedia:Please clarify">clarify the article</a>. There might be a discussion about this on <a href="/wiki/Talk:Assurance_contract" title="Talk:Assurance contract">the talk page</a>.</span> <span class="date-container"><i>(<span class="date">December 2014</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <p>An <b>assurance contract</b>, also known as a <b>provision point mechanism</b>, or <b>crowdaction</b>,<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> is a <a href="/wiki/Mechanism_design" title="Mechanism design">game-theoretic mechanism</a> and a <a href="/wiki/Financial_engineering" title="Financial engineering">financial technology</a> that facilitates the voluntary creation of <a href="/wiki/Public_good_(economics)" title="Public good (economics)">public goods</a> and <a href="/wiki/Club_good" title="Club good">club goods</a> in the face of <a href="/wiki/Collective_action#Collective_action_problem" title="Collective action">collective action problems</a> such as the <a href="/wiki/Free_rider_problem" class="mw-redirect" title="Free rider problem">free rider problem</a>. </p><p>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 <a href="/wiki/Game_theory" title="Game theory">game theoretic</a> 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 <a href="/wiki/Utility" title="Utility">utility</a> for everyone. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Operation">Operation</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Assurance_contract&action=edit&section=1" title="Edit section: Operation"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In a binding way, members of a group <a href="/wiki/Promise" title="Promise">pledge</a> to contribute to action A if a total contribution level is reached (often a monetary threshold, or a quorum of <i>N</i> members making the same pledge). If the threshold level is met (perhaps by a certain expiration date), the action is taken and the public good is provided; otherwise, the parties are not bound to carry through the action and any monetary contributions are refunded. The treatment of excess contributions varies: they may be lost, rebated proportionally to the contributors, or used to provide more of the public good. </p><p>The binding mechanism may be a contract enforced by a government, a contract enforced by a private organization (e.g. a mediator, a protection agency in an <a href="/wiki/Anarcho-capitalism" title="Anarcho-capitalism">anarcho-capitalist</a> society, etc.), an escrow organization (in such cases, the "binding contract" is "signed" by depositing funds in advance, which are later either disbursed according to the contract, or refunded), etc. </p><p>In the economics literature, assurance contracts were first described by Bagnoli and Lipman (1989).<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> From 2005 to 2015, a website called pledgebank.com provided a way to do assurance contracts online with strangers using phrases like, "I will do ['some action'] but only if ['some number'] other people will do the same."<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> In 2017, collaction.org released an English language website for assurance contracts, calling them 'crowdacting'. </p> <div class="mw-heading mw-heading2"><h2 id="Ideological_support">Ideological support</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Assurance_contract&action=edit&section=2" title="Edit section: Ideological support"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Assurance contracts are popular with <a href="/wiki/Libertarians" class="mw-redirect" title="Libertarians">libertarians</a> and <a href="/wiki/Anarcho-capitalism" title="Anarcho-capitalism">anarcho-capitalists</a> who see it as a voluntary alternative to taxation. </p><p>Assurance contracts are also relevant to international public good provision problems, as international organisations often lack the power to draw in revenue through taxation and must instead rely upon contributions from their members.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (November 2009)">citation needed</span></a></i>]</sup> </p> <div class="mw-heading mw-heading2"><h2 id="Dominant_assurance_contracts">Dominant assurance contracts</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Assurance_contract&action=edit&section=3" title="Edit section: Dominant assurance contracts"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Dominant assurance contracts, created by <a href="/wiki/Alex_Tabarrok" title="Alex Tabarrok">Alex Tabarrok</a>,<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> involve an extra component, an entrepreneur who profits when the quorum is reached and pays the signors extra if it is not. If the quorum is not formed, the signors do not pay their share and indeed actively profit from having participated since they keep the money the entrepreneur paid them. Conversely, if the quorum succeeds, the entrepreneur is compensated for taking the risk of the quorum failing. Thus, a player will benefit whether or not the quorum succeeds; if it fails the player reaps a monetary return, and if it succeeds, the player pays only a small amount more than under an assurance contract, and the public good will be provided. </p><p>Tabarrok asserts that this creates a <a href="/wiki/Dominance_(game_theory)" class="mw-redirect" title="Dominance (game theory)">dominant strategy</a> of participation for all players. Because all players will calculate that it is in their best interests to participate, the contract will succeed, and the entrepreneur will be rewarded. In a meta-game, this reward is an incentive for other entrepreneurs to enter the DAC market, driving down the cost disadvantage of dominant assurance contract versus regular assurance contracts. </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Assurance_contract&action=edit&section=4" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Contingency_market" title="Contingency market">Contingency market</a></li> <li><a href="/wiki/Crowd_funding" class="mw-redirect" title="Crowd funding">Crowd funding</a></li> <li><a href="/wiki/Free_State_Project" title="Free State Project">Free State Project</a></li> <li><a href="/wiki/Kickstarter" title="Kickstarter">Kickstarter</a></li> <li><a href="/wiki/Micropatronage" class="mw-redirect" title="Micropatronage">Micropatronage</a></li> <li><a href="/wiki/Preorder_economy" title="Preorder economy">Preorder economy</a></li> <li><a href="/wiki/Threshold_pledge_system" title="Threshold pledge system">Threshold pledge system</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Assurance_contract&action=edit&section=5" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap"><ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFCollaction_Team" class="citation web cs1">Collaction Team. <a rel="nofollow" class="external text" href="http://www.crowdacting.org">"Solving the world's problems by coordinating collective action"</a>. <i>Crowdacting.org</i>. Collaction<span class="reference-accessdate">. Retrieved <span class="nowrap">13 September</span> 2017</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Crowdacting.org&rft.atitle=Solving+the+world%27s+problems+by+coordinating+collective+action&rft.au=Collaction+Team&rft_id=http%3A%2F%2Fwww.crowdacting.org&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAssurance+contract" class="Z3988"></span></span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20140305084738/http://restud.oxfordjournals.org/content/56/4/583.short">Bagnoli, Mark and Lipman, Bart. 1989. Provision of public goods: Fully implementing the core through private contributions. Review of Economic Studies. 56, 583–601.</a></span> </li> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.theguardian.com/technology/2006/dec/21/newmedia.media">"The new 100 most useful sites"</a>. <i>The Guardian</i>. 21 December 2006<span class="reference-accessdate">. Retrieved <span class="nowrap">September 13,</span> 2017</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Guardian&rft.atitle=The+new+100+most+useful+sites&rft.date=2006-12-21&rft_id=https%3A%2F%2Fwww.theguardian.com%2Ftechnology%2F2006%2Fdec%2F21%2Fnewmedia.media&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAssurance+contract" class="Z3988"></span></span> </li> <li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://mason.gmu.edu/~atabarro/PrivateProvision.pdf">Tabarrok. 1998. The private provision of public goods via dominant assurance contracts. Public Choice. 96, 345-362.</a></span> </li> </ol></div></div>    </div><noscript><img src="https://login.wikimedia.org/wiki/Special:CentralAutoLogin/start?type=1x1&useformat=desktop" alt="" width="1" height="1" style="border: none; position: absolute;"></noscript> <div class="printfooter" data-nosnippet="">Retrieved from "<a dir="ltr" href="https://en.wikipedia.org/w/index.php?title=Assurance_contract&oldid=1241521028">https://en.wikipedia.org/w/index.php?title=Assurance_contract&oldid=1241521028</a>"</div></div> <div id="catlinks" class="catlinks" data-mw="interface"><div id="mw-normal-catlinks" class="mw-normal-catlinks"><a href="/wiki/Help:Category" title="Help:Category">Categories</a>: <ul><li><a href="/wiki/Category:Structured_finance" title="Category:Structured finance">Structured finance</a></li><li><a href="/wiki/Category:Libertarianism" title="Category:Libertarianism">Libertarianism</a></li></ul></div><div id="mw-hidden-catlinks" class="mw-hidden-catlinks mw-hidden-cats-hidden">Hidden categories: <ul><li><a href="/wiki/Category:Articles_with_short_description" title="Category:Articles with short description">Articles with short description</a></li><li><a href="/wiki/Category:Short_description_matches_Wikidata" title="Category:Short description matches Wikidata">Short description matches Wikidata</a></li><li><a href="/wiki/Category:Articles_needing_additional_references_from_December_2014" title="Category:Articles needing additional references from December 2014">Articles needing additional references from December 2014</a></li><li><a href="/wiki/Category:All_articles_needing_additional_references" title="Category:All articles needing additional references">All articles needing additional references</a></li><li><a href="/wiki/Category:Wikipedia_articles_needing_clarification_from_December_2014" title="Category:Wikipedia articles needing clarification from December 2014">Wikipedia articles needing clarification from December 2014</a></li><li><a href="/wiki/Category:All_Wikipedia_articles_needing_clarification" title="Category:All Wikipedia articles needing clarification">All Wikipedia articles needing clarification</a></li><li><a href="/wiki/Category:All_articles_with_unsourced_statements" title="Category:All articles with unsourced statements">All articles with unsourced statements</a></li><li><a href="/wiki/Category:Articles_with_unsourced_statements_from_November_2009" title="Category:Articles with unsourced statements from November 2009">Articles with unsourced statements from November 2009</a></li></ul></div></div> </div> </main> </div> <div class="mw-footer-container"> <footer id="footer" class="mw-footer" > <ul id="footer-info"> <li id="footer-info-lastmod"> This page was last edited on 21 August 2024, at 17:01<span class="anonymous-show"> (UTC)</span>.</li> <li id="footer-info-copyright">Text is available under the <a href="/wiki/Wikipedia:Text_of_the_Creative_Commons_Attribution-ShareAlike_4.0_International_License" title="Wikipedia:Text of the Creative Commons Attribution-ShareAlike 4.0 International License">Creative Commons Attribution-ShareAlike 4.0 License</a>; additional terms may apply. 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