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subject is the basic toolbox of mainstream economics. The most important tools in this box are demand, supply and equilibrium … what economists tell us, demand, supply and equilibrium do not carry over to the actual world: they cannot be empirically …
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investigates this specific tradeoff and identifies an allocation rule that is individually rational, equilibrium selecting, and … domain, the identified rule is the equilibrium selecting rule that transfers the maximum number of ownerships from the public …
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We prove the existence of an equilibrium in competitive markets with adverse selection in the sense of Miyazaki (1977 …
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Agency may be exercised by different entities (e.g., individuals, firms, households). A given individual can form part of multiple agents (e.g., he may belong to a firm and a household). The set of agents that act in a given situation might not be common knowledge. We adapt the standard model of...
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