Category Archives: Public Goods

Privatizing Water Facilities Can Help Cash-Strapped Municipalities

In my latest Forbes piece I discuss water privatization in the U.S. and why it is often a good idea.

“A public-private partnership has several benefits versus a completely public system. First, private firms often operate in many different jurisdictions, which means they have more experience and are able to institute best practices based on their accumulated knowledge.

Second, there is more oversight. The firm has an incentive to provide the specified water quality in order to maintain their business with the city and to avoid being sued for breach of contract. Local government officials can easily monitor the firm since they only need to focus on water quality and availability. If either the government or the firm fail to do their job, the other entity can alert residents.

Third, private companies are often better situated to maintain the infrastructure than public ownership, and public choice analysis helps explain why. Under complete government ownership, rate increases are a political decision rather than a business decision. There is a strong incentive for government officials to keep rates low, especially during election years, since rate increases rarely lead to votes.

Moreover, it’s difficult for politicians to commit to making necessary infrastructure improvements since the deterioration of a city’s water infrastructure is a long process that’s hard for the average voter to notice. A politician can get more votes by allocating tax dollars to conspicuous things like additional policemen or shiny, new fire trucks—it’s hard to trot out a new water main at a campaign rally.”

Exit, voice, and loyalty in cities

Economist Albert Hirschman’s 1970 book Exit, Voice, and Loyalty: Responses to Decline in Firms, Organizations, and States presents a theory of how consumers express their dissatisfaction to firms and other organizations after a decline in product or service quality. In terms of interjurisdictional competition exit is demonstrated by migration: dissatisfied residents migrate to a community that better matches their preferences for local government services, externality mitigation, and fiscal policy. Voice, on the other hand, requires staying in place and is usually manifested through voting. Other methods such as protests, letters, and public comments directed at officials may also be effective ways to create change.

Loyalty plays a role in whether voice or exit is employed. Someone who is loyal to a city will be less likely to exit due to a given deterioration in quality. Hirschman argues that loyalty serves an important function by limiting the use of exit and activating voice. If exit is too easy, the quality-conscious people most capable of using voice to elicit change at the local level will tend to leave early, sparking a “brain drain” and generating cumulative deterioration. If some of the most quality-conscious residents are loyal they will remain in place, at least initially, and try to fix a city’s problems from within i.e. they will use some method of voice.

The presence of loyalty within a city’s population has implications for city population decline and growth. The diagram below, based on one from Hirschman’s book on p. 90, shows the relationship between city quality and population.

Exit and loyalty diagram

Quality deteriorates as one moves up the y-axis and population increases along the x-axis, which enables a depiction of the relationship between quality and population similar to that of a traditional demand curve.

The example begins at point A. If quality declines from Q1 to Q2, the population will decline from Pa to Pb. The relatively small population decline relative to the decline in quality is due to the presence of loyalty. Loyalty can be conscious, meaning that the loyal residents are aware of the quality decline and are staying to try to improve the situation, or it can be unconscious, meaning that some residents are unaware that quality is deteriorating. These unaware residents appear loyal to outsiders, but in reality they have just not perceived the decline in quality. Perhaps the decline has not impacted their particular neighborhood or is so gradual that many people don’t realize it is happening. Hirschman notes that unconscious loyalty will not spark voice since by definition the resident is unaware that decline is occurring.

As quality continues to decline from Q2 to Q3 it becomes more observable and even the most loyal residents accept the fact that voice will not save their city. Additionally, the unconscious “loyal” residents will finally notice the decline. Both groups of people will then exit the city in order to reside somewhere else. This leads to a larger drop in population and is shown in the diagram as a movement from Pb to Pc.

This pattern is repeated as a city recovers. An initial quality improvement from Q3 to Q2 induces a relatively small amount of migration back to the city (Pc to Pd), since most people will need confirmation that the city has actually started down a path of sustainable improvement before they will return. Further improvement from Q2 to Q1 will generate a larger increase in population, represented by a movement from point D to point A (Pd to Pa).

What is interesting about this theoretical analysis is that it generates two different populations for the same level of quality. At quality Q2 the city’s population will be relatively large (Pb) if the city is declining in quality and it will be relatively small (point Pd) if the city’s quality is improving. This means that a declining city such as Detroit, Baltimore, Cleveland, Buffalo, etc. will have to make substantial quality improvements before they will see a large influx of people. So even if a city such as Cleveland returns to its 1970 level of relative quality we shouldn’t expect a drastic increase in population, as this model predicts that its population will be less than its actual 1970 population since it will be on the returning curve (CDA) rather than the exiting curve (ABC).

A city that is consistently losing population over a long period of time faces a variety of problems such as increased crime, declining housing values, a decline in the quality of public services, and higher costs in the provision of public services. Fixing these problems is often expensive and this model implies that the costs required for increasing quality from Q1 to Q2 will not result in substantial population gain, which means per capita costs to taxpayers are unlikely to decline by much and may even increase as the city begins to improve. This model predicts that revitalizing America’s struggling cities is a more difficult task than many politicians and policy makers are acknowledging.

We don’t need more federal infrastructure spending

Many of the presidential candidates on both sides of the aisle have expressed interest in fixing America’s infrastructure, including Donald Trump, Hilary Clinton, and Bernie Sanders. All of them claim that America’s roads and bridges are crumbling and that more money, often in the form of tax increases, is needed before they fall into further disrepair.

The provision of basic infrastructure is one of the most economically sound purposes of government. Good roads, bridges, and ports facilitate economic transactions and the exchange of ideas which helps foster innovation and economic growth. There is certainly room to debate which level of government – federal, state, or local – should provide which type of infrastructure, but I want to start by examining US infrastructure spending over time. To hear the candidates talk one would think that infrastructure spending has fallen of a cliff. What else could explain the current derelict state?

A quick look at the data shows that this simply isn’t true. A 2015 CBO report on public spending on transportation and water infrastructure provides the following figure.

CBO us infrastructure spending

In inflation adjusted dollars (the top panel) infrastructure spending has exhibited a positive trend and was higher on average post 1992 after the completion of the interstate highway system. (By the way, the original estimate for the interstate system was $25 billion over 12 years and it ended up costing $114 billion over 35 years.)

The bottom panel shows that spending as a % of GDP has declined since the early 80s, but it has never been very high, topping out at approximately 6% in 1965. Since the top panel shows an increase in the level of spending, the decline relative to GDP is due to the government increasing spending in other areas over this time period, not cutting spending on infrastructure.

The increase in the level of spending over time is further revealed when looking at per capita spending. Using the data from the CBO report and US population data I created the following figure (dollars are adjusted for inflation and are in 2014 dollars).

infrastructure spend per cap

The top green line is total spending per capita, the middle red line is state and local spending with federal grants and loan subsidies subtracted out, and the bottom blue line is federal spending. Federal spending per capita has remained relatively flat while state and local spending experienced a big jump in the late 80s, which increased the total as well. This graph shows that the amount of infrastructure spending has largely increased when adjusted for inflation and population. It’s true that spending is down since the early 2000s but it’s still higher than at any point prior to the early 90s and higher than it was during the 35-year-construction of the interstate highway system.

Another interesting thing that jumps out is that state and local governments provide the bulk of infrastructure spending. The graph below depicts the percentage of total infrastructure spending that is done by state and local governments.

infrastructure spend state, local as percent of total

As shown in the graph state and local spending on infrastructure has accounted for roughly 75% of total infrastructure spending since the late 80s. Prior to that it averaged about 70% except for a dip to around 65% in the late 70s.

All of this data shows that the federal government – at least in terms of spending – has not ignored the country’s infrastructure over the last 50 plus years, despite the rhetoric one hears from the campaign trail. In fact, on a per capita basis total infrastructure spending has increased since the early 1980s, driven primarily by state and local governments.

And this brings up a second important point: state and local governments are and have always been the primary source of infrastructure spending. The federal government has historically played a small role in building and maintaining roads, bridges, and water infrastructure. And for good reason. As my colleague Veronique de Rugy has pointed out :

“…infrastructure spending by the federal government tends to suffer from massive cost overruns, waste, fraud, and abuse. As a result, many projects that look good on paper turn out to have much lower return on investments than planned.”

As evidence she notes that:

“According to the Danish researchers, American cost overruns reached on average $55 billion per year. This figure includes famous disasters like the Central Artery/Tunnel Project (CA/T), better known as the Boston Big Dig.22 By the time the Beantown highway project—the most expensive in American history—was completed in 2008 its price tag was a staggering $22 billion. The estimated cost in 1985 was $2.8 billion. The Big Dig also wrapped up 7 years behind schedule.”

Since state and local governments are doing the bulk of the financing anyway and most infrastructure is local in nature it is best to keep the federal government out as much as possible. States are also more likely to experiment with private methods of infrastructure funding. As de Rugy points out:

“…a number of states have started to finance and operate highways privately. In 1995, Virginia opened the Dulles Greenway, a 14-mile highway, paid for by private bond and equity issues. Similar private highway projects have been completed, or are being pursued, in California, Maryland, Minnesota, North Carolina, South Carolina, and Texas. In Indiana, Governor Mitch Daniels leased the highways and made a $4 billion profit for the state’s taxpayers. Consumers in Indiana were better off: the deal not only saved money, but the quality of the roads improved as they were run more efficiently.”

It remains an open question as to exactly how much more money should be devoted to America’s infrastructure. But even if the amount is substantial it’s not clear that the federal government needs to get any more involved than they already are. Infrastructure is largely a state and local issue and that is where the taxing and spending should take place, not in Washington D.C.

 

 

Fixing municipal finances in Pennsylvania

Last week I was a panelist at the Keystone Conference on Business and Policy. The panel was titled Fixing Municipal Finances and myself and the other panelists explained the current state of municipal finances in Pennsylvania, how the municipalities got into their present situation, and what they can do to turn things around. I think it was a productive discussion. To get a sense of what was discussed my opening remarks are below.

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Pennsylvania is the 6th most populous state in the US – just behind IL and in front of OH – and its population is growing.

PA population

But though Pennsylvania is growing, southern and western states are growing faster. According to the US census, from 2013 to 2014 seven of the ten fastest growing states were west of the Mississippi, and two of the remaining three were in the South (FL and SC). Only Washington D.C. at #5 was in the Northeast quadrant. Every state with the largest numeric increase was also in the west or the south. This is the latest evidence that the US population is shifting westward and southward, which has been a long term trend.

Urbanization is slowing down in the US as well. In 1950 only about 60% of the population lived in an urban area. In 2010 a little over 80% did. The 1 to 4 ratio appears to be close to the equilibrium, which means that city growth can no longer come at the expense of rural areas like it did throughout most of the 20th century.

urban, rural proportion

2012 census projections predict only 0.66% annual population growth for the US until 2043. The birth rate among white Americans is already below the replacement rate. Without immigration and the higher birth rates among recent immigrants the US population would be growing even slower, if not shrinking. This means that Pennsylvania cities that are losing population – Erie, Scranton, Altoona, Harrisburg and others – are going to have to attract residents from other cities in order to achieve any meaningful level of growth.

PA city populations

Fixing municipal finances ultimately means aligning costs with revenue. Thus a city that consistently runs a deficit has two options:

  1. Increase revenue
  2. Decrease costs

Municipalities must be vigilant in monitoring their costs since the revenue side is more difficult to control, much like with firms in the private sector. A city’s revenue base – taxpayers – is mobile. Taxpayers can leave if they feel like they are not getting value for their tax dollars, an issue that is largely endogenous to the city itself, or they can leave if another jurisdiction becomes relatively more attractive, which may be exogenous and out of the city’s control (e.g. air conditioning and the South, state policy, the decline of U.S. manufacturing/the economic growth of China, Japan, India, etc.). The aforementioned low natural population growth in the US precludes cities from increasing their tax base without significant levels of intercity migration.

What are the factors that affect location choice? Economist Ed Glaeser has stated that:

“In a service economy where transport costs are small and natural productive resources nearly irrelevant, weather and government stand as the features which should increasingly determine the location of people.” (Glaeser and Kohlhase (2004) p. 212.)

Pennsylvania’s weather is not the worst in the US, but it I don’t think anyone would argue that it’s the best either. The continued migration of people to the south and west reveal that many Americans like sunnier climates. And since PA municipalities cannot alter their weather, they will have to create an attractive fiscal and business environment in order to induce firms and residents to locate within their borders. Comparatively good government is a necessity for Pennsylvania municipalities that want to increase – or simply stabilize – their tax base. Local governments must also strictly monitor their costs, since mobile residents and firms who perceive that a government is being careless with their money can and will leave for greener – and sunnier – pastures.

Fixing municipal finances in Pennsylvania will involve more than just pension reform. Act 47 was passed by the general assembly in 1987 and created a framework for assisting distressed municipalities. Unfortunately, its effectiveness is questionable. Since 1987, 29 municipalities have been placed under Act 47, but only 10 have recovered and each took an average of 9.3 years to do so. Currently 19 municipalities are designated as distressed under Act 47 and 13 of the 19 are cities. Only one city has recovered in the history of Act 47 – the city of Nanticoke. The average duration of the municipalities currently under Act 47 is 16.5 years. The city of Aliquippa has been an Act 47 city since 1987 and is on its 6th recovery plan.

Act 47 bar graphAct 47 under pie chartAct 47 recovered pie chart

The majority of municipalities that have recovered from Act 47 status have been smaller boroughs (8 of 10). The average population of the recovered communities using the most recent data is 5,569 while the average population of the currently-under communities is 37,106. The population distribution for the under municipalities is skewed due to the presence of Pittsburgh, but even the median of the under cities is nearly double that of the recovered at 9,317 compared to 4,669.

Act 47 avg, med. population

This raises the question of whether Act 47 is an effective tool for dealing with larger municipalities that have comparatively larger problems and perhaps a more difficult time reaching a political/community consensus concerning what to do.

To attract new residents and increase revenue, local governments must give taxpayers/voters/residents a reason for choosing their city over the alternatives available. Economist Richard Wagner argues that governments are a lot like businesses. He states:

“In order to attract investors [residents, voters], politicians develop new programs and revise old programs in a continuing search to meet the competition, just as ordinary businesspeople do in ordinary commercial activity.” (American Federalism – How well does it support liberty? (2014))

Ultimately, local governments in Pennsylvania must provide exceptional long-term value for residents in order to make up for the place-specific amenities they lack. This is easier said than done, but I think it’s necessary to ensure the long-run solvency of Pennsylvania’s municipalities.

Post-Katrina HUD funding has underwhelmed in Gulfport

Hurricane Katrina made landfall 10 years ago and devastated much of the gulf coast. In the immediate aftermath of the storm, both public and private aid flooded into the effected areas. Not all of this aid was effective, and my colleagues at the Mercatus Center have meticulously analyzed what worked, what didn’t, and how the region was largely able to get back on its feet.

One project that is still being scrutinized is the Port of Gulfport Restoration Program. In 2007 the Mississippi Development Authority (MDA) requested that $567 million of federal Housing and Urban Development (HUD) funds be diverted to the newly created Port of Gulfport Restoration Program. Prior to Katrina there were 2,058 direct maritime jobs at the port, and the 2007 plan submitted to HUD projected that there would be 5,400 direct, indirect, and induced jobs once the restoration project was complete in 2015. In return for the money the administrators promised HUD that at least 1,300 jobs would be created, and HUD Secretary Julian Castro was recently in Gulfport to check on the progress that has been made. As is typical with HUD projects, the actual progress on the ground has not lived up to the hype.

In September of 2014, nine years after Katrina, the port employed only 814 people. This was well short of even the 2,348 jobs predicted by 2010 in the original 2007 plan. Ignoring the fact that jobs are a poor metric for judging economic development – labor is a cost, not a benefit – the project has failed to live up to the promise made to federal taxpayers who are footing the bill.

HUD funding has a long history of failure. Billions of HUD money has poured into cities such as Detroit and Cleveland since the 1970s with little to show for it. Moreover, any successful HUD story is really just the result of transferring economic activity from one place to another. The $570 million being spent in Gulfport came from taxpayers all over the country who could have spent that money on other things. Moving all of that money to Gulfport caused small declines in economic activity all over the country, such as less investment in local businesses and/or lower demand for local goods and services. These small declines are hard to see relative to the big splash that $570 million in spending creates, but they are real and they do affect people.

Large, federal spending projects rarely live up to their hype and usually waste resources. Local citizens using local assets are often much more effective at revitalizing devastated communities. There are lessons to be learned from Hurricane Katrina, and at the top of the list is don’t expect too much from federally funded programs – they are usually not up to the challenge.

Intergovernmental grant to gelato maker distorts market competition

Intergovernmental grants are grants that are given to one level of government by another e.g. federal to state/local or state to local. In addition to being used on public works and services they also subsidize the development of private goods. The Community Development Block Grant Program (CDBG) is a federally funded grant program that distributes grants and subsidized loans to local and state governments which then use them or award them to other businesses and non-profits. The grants can be used on a variety of projects. Since 1975 the CDBG program has given over $143 billion ($215 billion adjusted for inflation) to state and local governments. The graph below (click to enlarge) shows the total dollars by year adjusted for inflation (2009 dollars) and the number of entitlement grantees by year. While the total amount of funding has declined over time, it was still $2.8 billion in 2014.

cdbg dollars, grantees

Intergovernmental grant programs like CDBG are based on the incorrect idea that moving money around produces economic development and creates a net-positive amount of jobs. But only productive entrepreneurs who create value for consumers can create jobs. The CDBG program and others like it distort the entrepreneurial process and within-industry competition by giving an artificial advantage to the companies that receive grants. This results in more workers and capital flowing into the grant-receiving business rather than their unsubsidized competitors. For example, Brunswick, ME is giving a $350,000 CDBG to Gelato Fiasco to help the company buy new equipment. Meanwhile, nearby competitors Bohemian Coffeehouse, Little Dog Coffee Shop, and Dairy Queen are not receiving any grant money. Governments at all levels, such as Brunswick’s, should not pick winners and losers via a grant process that ultimately favors some constituents over others.

Some other projects that the CDBG program has helped fund are: a soybean processing plant in Arkansas, a new facility for a farmer’s market in Oregon, solar panels for houses in San Diego, and waterfront housing in Burlington, VT. Like the Gelato Fiasco example, these are all examples of private goods, not public, and the production of such goods is best left to the market. If private investors who are subject to market forces are unwilling to produce a private good then it is probably not a worthwhile venture, as the lack of private investment implies that the expected cost exceeds the expected revenue. Private investors and entrepreneurs want to make a profit and the profit incentive promotes wise investments. Governments don’t confront the same profit incentive and this often leads to wasteful spending.

At its best, a government can create the conditions that encourage economic development and job creation: the enforcement of private property rights, a court system to adjudicate disputes, a police force to maintain law and order, and perhaps some basic infrastructure. The scope of a local government should be limited to these tasks.

Local control over transportation: good in principle but not being practiced

State and local governments know their transportation needs better than Washington D.C. But that doesn’t mean that state and local governments are necessarily more efficient or less prone to public choice problems when it comes to funding projects, and some of that is due to the intertwined funding streams that make up a transportation budget.

Emily Goff at The Heritage Foundation finds two such examples in the recent transportation bills passed in Virginia and Maryland.

Both Virginia Governor Bob McDonnell and Maryland Governor Martin O’Malley propose raising taxes to fund new transit projects. In Virginia the state will eliminate the gas tax and replace it with an increase in the sales tax. This is a move away from a user-based tax to a more general source of taxation, severing the connection between those who use the roads and those who pay. The gas tax is related to road use; sales taxes are barely related. There is a much greater chance of political diversion of sales tax revenues to subsidized transit projects: trolleys, trains and bike paths, rather than using revenues for road improvements.

Maryland reduces the gas tax by five cents to 18.5 cents per gallon and imposes a new wholesale tax on motor fuels.

How’s the money being spent? In Virginia 42 percent of the new sales tax revenues will go to mass transit with the rest going to highway maintenance. As Goff notes this means lower -income southwestern Virginians will subsidize transit for affluent northern Virginians every time they make a nonfood purchase.

As an example, consider Arlington’s $1 million dollar bus stop. Arlingtonians chipped in $200,000 and the rest came from the Virginia Department of Transportation (VDOT). It’s likely with a move to the sales tax, we’ll see more of this. And indeed, according to Arlington Now, there’s a plan for 24 more bus stops to compliment the proposed Columbia Pike streetcar, a light rail project that is the subject of a lively local debate.

Revenue diversions to big-ticket transit projects are also incentivized by the states trying to come up with enough money to secure federal grants for Metrorail extensions (Virginia’s Silver Line to Dulles Airport and Maryland’s Purple Line to New Carrolton).

Truly modernizing and improving roads and mass transit could be better achieved by following a few principles.

  • First, phase out federal transit grants which encourage states to pursue politically-influenced and costly projects that don’t always address commuters’ needs. (See the rapid bus versus light rail debate).
  • Secondly, Virginia and Maryland should move their revenue system back towards user-fees for road improvements. This is increasingly possible with technology and a Vehicle Miles Tax (VMT), which the GAO finds is “more equitable and efficient” than the gas tax.
  • And lastly, improve transit funding. One way this can be done is through increasing farebox recovery rates. The idea is to get transit fares in line with the rest of the world.

Interestingly, Paris, Madrid, and Tokyo have built rail systems at a fraction of the cost of heavily-subsidized projects in New York, Boston, and San Francisco. Stephen Smith, writing at Bloomberg, highlights that a big part of the problem in the U.S. are antiquated procurement laws that limit bidders on transit projects and push up costs. These legal restrictions amount to real money. French rail operator SNCF estimated it could cut $30 billion off of the proposed $68 billion California light rail project. California rejected the offer and is sticking with the pricier lead contractor.

 

 

 

 

Virginia’s transportation plan under the microscope

Last week Virginia Governor Bob McDonnell shared his plan to address the state’s transportation needs. The big news is that the Governor wants to eliminate Virginia’s gas tax of 17.5 cents/gallon. This revenue would be replaced with an increase in the state’s sales tax from 5 percent to 5.8 percent. This along with a transfer of $812 million from the general fund, a $15 increase in the car registration fee, a $100 fee on alternative fuel vehicles and the promise of federal revenues should Congress pass legislation to tax online sales brings the total amount of revenue projected to fund Virginia’s transportation to $3.1 billion.

As the Tax Foundation points out, more than half of this relies on a transfer from the state’s general fund, and on Congressional legislation that has not yet passed.

Virginia plans to spend $4.9 billion on transportation. As currently structured, the gas tax only brings in $961 million. There are a few reasons why. First, Virginia hasn’t indexed the gas tax to inflation since 1986. It’s currently worth 40 cents on the dollar. In today’s dollars 17.5 cents is worth about 8 cents. Secondly, while there are more drivers in Virginia, cars are also more fuel efficient and more of those cars (91,000) are alternative fuel. In 2013, the gas tax isn’t bringing in the same amount of revenue as it once did.

But that doesn’t mean that switching from a user-based tax to a general tax isn’t problematic. Two concerns are transparency and fairness. Switching from (an imperfect) user-based fee to a broader tax breaks the link between those who use the roads and those who pay, shorting an important feedback mechanism. Another issue is fairness. Moving from a gas tax to a sales tax leads to cross-subsidization. Those who don’t drive pay for others’ road usage.

The proposal has received a fair amount of criticism with other approaches suggested. Randal O’Toole at Cato likes the idea of Vehicle Miles Travelled (VMT) which would track the number of miles driven via an EZ-Pass type technology billing the user directly for road usage. It would probably take at least a decade to fully implement. And, some have strong libertarian objections. Joseph Henchman at the Tax Foundation proposes a mix of indexing the gas tax to inflation, increased tolls, and levying a local transportation sales tax on NOVA drivers.

The plan opens up Virginia’s 2013 legislative session and is sure to receive a fair amount of discussion among legislators.

Contribute to a Public Good; Organize a Screening of “Honor Flight”

Most undergraduate economics majors learn that humans lack an incentive to contribute to so-called “public goods.” Experiments in the lab, however, show that this prediction of eliminatory theory doesn’t always describe real human behavior. Nor, as the late Elinor Ostrom showed, does it describe human behavior outside the lab. In the real world, it turns out that humans often do contribute to public goods.

These contributions are often facilitated by creative institutional arrangements. Kickstarter, for example, has allowed 2.5 million people to contribute over $350 million to creative projects. This year, people will voluntarily contribute more to the arts through Kickstarter than they will through the taxpayer-funded National Endowment for the Arts.

But let’s set aside numbers and theory. If you’d like to see a deeply moving example of how free people can come together to solve problems and do absolutely amazing things, see this movie.

I saw it this week and I can attest that it is one of the most powerful and moving films I have ever seen.

If you live in the Washington, D.C. area, you will have one more chance to see it this Friday night. If you live outside, D.C., go here to see if it is screening in your area. Now here is the cool part, if it isn’t playing in your area, an innovative service called Tugg, allows you to organize a screening in your own town (creative institutional arrangement, that).

So prove elementary economics wrong. Contribute to the public good and organize a screening. I guarantee you will find it deeply personally rewarding.