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Titolo:
APPROPRIATION AND EFFICIENCY - A REVISION OF THE FIRST THEOREM OF WELFARE ECONOMICS
Autore:
MAKOWSKI L; OSTROY JM;
Indirizzi:
UNIV CALIF DAVIS,DEPT ECON DAVIS CA 95616 UNIV CALIF LOS ANGELES,DEPT ECON LOS ANGELES CA 90024
Titolo Testata:
The American economic review
fascicolo: 4, volume: 85, anno: 1995,
pagine: 808 - 827
SICI:
0002-8282(1995)85:4<808:AAE-AR>2.0.ZU;2-N
Fonte:
ISI
Lingua:
ENG
Soggetto:
CLARKE-GROVES MECHANISMS; PERFECT COMPETITION; STRATEGIC COMPLEMENTARITIES; EQUILIBRIUM;
Tipo documento:
Article
Natura:
Periodico
Settore Disciplinare:
Physical, Chemical & Earth Sciences
Citazioni:
30
Recensione:
Indirizzi per estratti:
Citazione:
L. Makowski e J.M. Ostroy, "APPROPRIATION AND EFFICIENCY - A REVISION OF THE FIRST THEOREM OF WELFARE ECONOMICS", The American economic review, 85(4), 1995, pp. 808-827

Abstract

The First Theorem of Welfare Economics rests on the assumption that individuals have neither price-making nor market-making capacities. We offer a revision in which individuals have such capacities. The revision emphasizes two keys for market efficiency: (i) the need to align private rewards with social contributions- called full appropriation and(ii) the need for an assumption to counter the possibility of coordination failures in the choice of produced commodities - called noncomplementarity. We also emphasize that information about prices of unmarketed commodities involves decentralized knowledge available only to product innovators and that pecuniary externalities are important potential sources of market failure.

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Documento generato il 05/12/20 alle ore 10:09:39