This paper explores the properties of the notions of <math xmlns="http://www.w3.org/1998/Math/MathML" display="inline"> <mi mathvariant="script">A</mi> </math>‐efficiency and <math xmlns="http://www.w3.org/1998/Math/MathML" display="inline"> <mi mathvariant="script">P</mi> </math>‐efficiency, which were proposed by Golosov et al.. (2007), to evaluate allocations in a general overlapping generations setting in which...

Should governments implement policies that affect fertility decisions on efficiency grounds? What is the correct notion of efficiency to use? To address these issues, this paper develops an extension of the notion of Pareto efficiency, referred to as Millian efficiency, to evaluate symmetric...

This paper argues that the introduction of a short-sale constraint in the Arrow-Radner framework invalidates standard definitions of complete and incomplete markets. Two threshold values with familiar properties arise in this constrained set-up. If short sales are not allowed on some security,...

There is increasing global interest in market-based climate change policies following the last elections in the United States. In this context an Exxon Mobil chief executive came out in favour of a carbon tax. This paper is concerned with the welfare analysis of Environmental Tax Reforms (ETR),...

In the decade of the 1930s the Spanish economy reported a slowdown of 20%, less severe than the one in the US, France and Germany, but very similar to those experienced by Italy and the UK.