Second Best and Monopoly: A Cautionary Tale

Second Best and Monopoly: A Cautionary Tale

The theory of second best, as originally conceived by Meade (1955) and popularized by Lipsey and Lancaster (1956), has been a much discussed topic for quite some time now. Second best rules have been devised for a number of situations, but very little has been done in terms of trying to get a feel f...

Ausführliche Beschreibung

Gespeichert in:
Bibliographische Detailangaben
Veröffentlicht in:Public choice 1981-01, Vol.37 (2), p.275-285
1. Verfasser: Morrison, Clarence C.
Format: Artikel
Sprache:eng
Schlagworte:
Competition
Consumption
Endowment
Endowments
Financial services industries
Government
Industrial policy
Industrial production
Industry
Marginal costs
Marginal products
Monopoly
Nationalization
Pricing policies
Production functions
Profits
Utility functions
Wage rates
Online-Zugang:Volltext
Tags: Tag hinzufügen
Keine Tags, Fügen Sie den ersten Tag hinzu!
Beschreibung
Zusammenfassung:The theory of second best, as originally conceived by Meade (1955) and popularized by Lipsey and Lancaster (1956), has been a much discussed topic for quite some time now. Second best rules have been devised for a number of situations, but very little has been done in terms of trying to get a feel for the magnitudes that may be involved. This paper intends to make a crude and tentative first step in this direction in the interest of making a similarly crude and tentative evaluation of the policy measures that the theory of second best might suggest.
ISSN:0048-5829
1573-7101
DOI:10.1007/BF00138247