This paper derives a basic formula for the measure of social welfare, a second order approximation to the difference of the value of the Bergson-Samuelson social welfare function between the socially optimal resource allocation and the one in the present suboptimal economy. We discuss pros and...

We develop an evolutionary game model to reveal the theoretical basis for the assignment of property right, where both plaintiff and defendant argue for their rights by claiming their reliance investment.We allow for the possibility that the value of the total product depend not only on the...