How agents assess the (in-)tangible externalities that others might impose on them can strongly influence strategic … externalities, are all subject to asymmetric information; utility is quasi-linear and transferable. An allocation rule will be …-balanced transfers if and only if it maximizes the sum of private payoffs exclusive of externalities. The corresponding mechanism is …

intergenerational inequality aversion and for risk aversion. If growth increases (reduces) intra-generational inequality, the SDR is …

intergenerational inequality aversion and for risk aversion. If growth increases (reduces) intra-generational inequality, the SDR is …

commit to contracts, virus externalities are local, and competitive equilibria are efficient. The Second Welfare Theorem also … their infection status. If society cannot control virus exposure, then virus externalities are global and competitive … externalities and result in inefficiently high economic activity. If agents cannot commit, competitive equilibria are inefficient …

given in terms of a power inverse demand function of the industry-aggregate production. Investment is irreversible and … price function. Firms wish to maximize expected discounted revenues of production, net of investment and operational costs …. Investment decisions are based on the long-run stationary price of the commodity. We prove existence, uniqueness and …

having some special characteristics. Network externalities and economies of scale in particular justified the (natural … telecommunications is in line with micro-economic theory, which predicts an increase in efficiency and lower prices when markets are … the internalisation of externalities (see the Kyoto protocol) and the debate on nuclear energy. These elements could exert …

information is shared, externalities arise. The standard conditions for the two fundamental welfare theorems, thus, implicitly …