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The term Economic Efficiency refers to the relationship between aggregate benefits and costs to the individuals … concerned. Among the widely used efficiency criteria are the Pareto Optimality,the Kaldor-Hicks, the Cost-Benefit, and the … Wealth Maximization criterion. In this essay, we discuss economic efficiency as a tool for the social choice among the …
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Can anarchy be efficient? This paper argues that for reasons of efficiency, rational, wealth-maximizing agents may …
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