Details a behavioral theory of economic welfare that overlaps and extends the global theoretical framework contained in … need not be an equity-efficiency trade-off in a competitive market economy to the extent that wages positively affect …. Smith, in effect, argues that one can have economic ‘justice’ and economic efficiency where the former is necessary to the …

system by critically analysing its structure, funding, resource allocation, provider payments, efficiency, health outcomes …

efficiency, which in turn implies dynamic efficiency. Furthermore, contrary to the case of certainty, dynamic effi-ciency does …

result establishes that welfare and informational efficiency are inversely related. The higher the degree of informational … efficiency of the price path, the lower is expected total welfare …