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The inefficiency of price taking behavior in multiperiod production economies with incomplete markets
Dierker, Egbert - 2012
production economies with incomplete markets. Constrained efficiency cannot serve as a basis for such an extension because … multiperiod models tend to violate even weak constrained efficiency requirements. We show by means of examples how the … efficiency, which has been introduced by Dierker et al. (2005) in a two-period model, to derive a natural extension of the Drèze …
Persistent link: https://www.econbiz.de/10009684021
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Constrained inefficiency in GEI: A geometric argument
Tirelli, Mario - 2005
In this paper we use global analysis to study the welfare properties of general equilibrium economies with incomplete markets (GEI). Our main result is to show that constrained Pareto optimal equilibria are contained in a linear submanifold of the equilibrium set. This result is explicitly...
Persistent link: https://www.econbiz.de/10010318896
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A Lindahl solution to international emissions trading
Nishimura, Yukihiro - 2008
We consider international negotiations on the level of global pollution, and examine the Lindahl solution which determines the distribution of the pollution permits with unanimous agreement. We show various properties to clarify difficulties to achieve a Pareto efficient allocation as an...
Persistent link: https://www.econbiz.de/10010290407
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A unified perspective on efficiency, redistribution, and public policy
Kaplow, Louis - 2020
Specialized theoretical and empirical research should in principle be embedded in a unified framework that identifies the relevant interactions among different phenomena, enables an appropriate matching of policy instruments to objectives, and grounds normative analysis in individuals' utilities...
Persistent link: https://www.econbiz.de/10012174286
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Redistribution with performance pay
Doligalski, Pawel; Ndiaye, Abdoulaye; Werquin, Nicolas - 2020
Half of the jobs in the U.S. feature pay-for-performance. We study nonlinear income taxation in a model where such contracts arise in private labor markets that are constrained by moral hazard frictions. We derive novel formulas for the incidence of arbitrarily nonlinear reforms of a given tax...
Persistent link: https://www.econbiz.de/10012212848
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Common agency with moral hazard and asymmetrically informed principals
Maier, Norbert (contributor) - 2006
In this paper, we analyze the equilibrium incentive schemes oÞered to an agent by two principals who can only observe correlated noisy signals of the one-dimensional action taken by the agent. We look at both cases when the two principals can or cannot cooperate in setting the terms of their...
Persistent link: https://www.econbiz.de/10003435498
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Introducción al estudio de la economía del sector energético
Martínez Torrico, Karen M.; Aliaga, Francisco Javier - 2016
Because of the importance of the energy sector's development for the performance and stability of the economy, its analysis has become an intriguing branch of the economic sciences. For this study it should be tested the characteristics of each of the industries that comprise it, as well as make...
Persistent link: https://www.econbiz.de/10011811000
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A perfectly competitive economy is an economy without welfare relevant endogenous learning
Nyborg, Karine - 2021
I demonstrate a straightforward but apparently widely unrecognized implication of the standard requirements for perfect competition: an economy in which consumers can choose to learn is generally not perfectly competitive. In particular, if endogenous welfare relevant learning is feasible, the...
Persistent link: https://www.econbiz.de/10012875989
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Introducción al estudio de la economía del sector energético
Martínez Torrico, Karen M.; Aliaga Lordemann, Javier - 2016
Because of the importance of the energy sector's development for the performance and stability of the economy, its analysis has become an intriguing branch of the economic sciences. For this study it should be tested the characteristics of each of the industries that comprise it, as well as make...
Persistent link: https://www.econbiz.de/10011703362
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A perfectly competitive economy is an economy without welfare relevant endogenous learning
Nyborg, Karine - 2021
I demonstrate a straightforward but apparently widely unrecognized implication of the standard requirements for perfect competition: an economy in which consumers can choose to learn is generally not perfectly competitive. In particular, if endogenous welfare relevant learning is feasible, the...
Persistent link: https://www.econbiz.de/10012520083