Market failure

"The powerful theorems of welfare economics operate under a range of assumptions. Two of the most significant are the existence of competitive markets for all goods and services - including futures markets - and the unbounded rationality of all economic agents who act independently to maximize payoffs. In the contributions collected in this three-volume set, economists come to grips with the consequences of markets falling short of assumptions, as well as the response of institutions to observed market characteristics. Together with an original introduction by the editor, this comprehensive collection will be of interest to economists and policymakers who wish to understand the strengths and limitations of the market mechanism of resource allocation"--