I don't want to make public statements about issues that I have not studied in detail.

There are some things that we value as a public good that the markets can't deliver, like clean air.

How do we ensure in the case of public goods that they are provided at all, and that they are provided at the right level, taking into account citizens' preferences?

I'm not a housing market expert, and I don't want to pretend to be one.

What we mean by an outcome will naturally depend on the context. Thus, for a government charged with delivering public goods, an outcome will consist of the quantities provided of such goods as intercity highways, national defense and security, environmental protection, and public education together with the arrangements by which they are financed.

The Nobel Prize is not very important for the winners - they are usually pretty successful people already. But it is valuable as a way of drawing the public's attention to important work in economics.