Dragons are issues that have no or little basis in facts but assume a real identity to mythical proportions
“Occurs when neither the market nor public sector provides goods and services required to achieve core public values.”
With the public-failure model, the key policy question becomes : “Even if the market is efficient, is there nonetheless a failure to provide an essential public value?”
Bozeman, Barry, and Daniel Sarewitz. 2005. “Public values and public failure in US science policy..” Science & Public Policy (SPP) 32(2): 119-136.