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Re-thinking market failure in the light of the imperfect state
Fabella, Raul V.; Fabella, Vigile Marie - 2015
We propose a formal re-definition of the concept market failure based on the idea of the imperfect state. In the Neo-classical taxonomy, a decentralized regime of exchange is a market failure if its laissez faire equilibrium solution is welfare-dominated by a technically feasible alternative. If...
Persistent link: https://www.econbiz.de/10011335573
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Re-Thinking Market Failure in the Light of the Imperfect State
Fabella, Raul V.; Fabella, Vigile Marie - School of Economics, University of the Philippines at … - 2015
We propose a formal re-definition of the concept market failure based on the idea of the imperfect state. In the Neo-classical taxonomy, a decentralized regime of exchange is a market failure if its laissez faire equilibrium solution is welfare-dominated by a technically feasible alternative. If...
Persistent link: https://www.econbiz.de/10011261852
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Re-thinking market failure in the light of the imperfect state
Fabella, Raul V.; Fabella, Vigile Marie - In: The Philippine review of economics : a joint … 53 (2016) 2, pp. 28-46
Persistent link: https://www.econbiz.de/10011715839
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It's fundamental: welfare theorems, market failures, and the turn from "public finance" to "public economics"
Medema, Steven G. - 2022 - Version 1.3
economists had done "work of high quality and great quantity in the field of taxation," the theory of public expenditure had been … inquiries. Indeed, by the mid-1980s the 'public expenditure theory' lacuna lamented by Samuelson had largely been filled with … explain this transformation, locating its origins in Richard Musgrave's normative theory of the public household and the …
Persistent link: https://www.econbiz.de/10013411358
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Chapter 5 The Economic Theory of Gift-Giving: Perfect Substitutability of Transfers and Redistribution of Wealth
Mercier Ythier, Jean - In: Handbook of the economics of giving, altruism and …, (pp. 227-369). 2006
This chapter reviews the theory of the voluntary public and private redistribution of wealth elaborated by economic … analysis in the last forty years or so. The central object of the theory is altruistic gift-giving, construed as benevolent … voluntary redistribution of income or wealth. The theory concentrates on lump-sum voluntary transfers, individual or collective …
Persistent link: https://www.econbiz.de/10014023678
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Transaction costs, market failures and economic development
Todorova, Tamara - 2016
development economics with transaction cost theory and new institutional analysis. …
Persistent link: https://www.econbiz.de/10011648300
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Optimal fiscal policies under market failures
Chien, YiLi; Wen, Yi - 2020
The aggregate capital stock in a nation can be overaccumulated for many different reasons. This paper studies which policy or policy mix is more effective in achieving the socially optimal (golden rule) level of aggregate capital stock in an infinite-horizon heterogeneous-agents...
Persistent link: https://www.econbiz.de/10012216720
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Repoliticizing privatization
Dillingh, Savriël - In: Erasmus journal for philosophy and economics : EJPE 16 (2023) 2, pp. 85-106
Persistent link: https://www.econbiz.de/10014455408
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Microeconomics of market failures
Salanié, Bernard - 2000
Persistent link: https://www.econbiz.de/10001465278
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Chapter 35 Market failures and second-best analysis with a focus on nutrition, credit, and incomplete markets
Innes, Robert - In: Handbook of agricultural economics : volume 2, part B, …, (pp. 1827-1892). 2002
This chapter studies second-best models of nutritional externalities, credit, and incomplete markets for risk, developing implications for welfare-improving government policy using primitive economic building blocks. Using a simple model of altruism wherein the rich obtain utility from the...
Persistent link: https://www.econbiz.de/10014024091