Appropriation and Efficiency: A Revision of the First Theorem of Welfare Economics

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 so...

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Veröffentlicht in:	The American economic review 1995-09, Vol.85 (4), p.808-827
Hauptverfasser:	Makowski, Louis, Ostroy, Joseph M
Format:	Artikel
Sprache:	eng
Schlagworte:	Commodities Competition Computer software Economic efficiency Economic models Economic theory Economics Efficiency Efficient markets Externality Failure Innovations Logical theorems Marginal products Market efficiency Market failure Market prices Occupations Pareto optimum Price efficiency Prices Pricing policies Product innovation Revisions Studies Trade Welfare economics
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