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The Proportional Solution for Economies with Both Private and Public Ownership
Abstract We ask: how should a planner, whose job is to respect public ownership of some productive assets, in conjunction with private ownership of some inputs, allocate resources? We call ourExpand
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Risk Aversion and Embedding Bias
In Selten (1967) “Strategy Method,” the second mover in the game submits a complete strategy. This basic idea has been exported to nonstrategic experiments, where a participant reports a completeExpand
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Does Egalitarianism Have a Future
This paper surveys the evidence, theoretical and empirical, relating to the possibility of achieving more egalitarian distributions of income than are typical in modern societies. The first fourExpand
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Cost share equilibria: A Lindahlian approach
Abstract We offer a new formalization of Lindahl's equilibrium notion for public goods which yields an endogenous theory of profit distribution in line with the benefit approach to taxation.Expand
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A Dynamic Analysis of Human Welfare in a Warming Planet
Climate science indicates that climate stabilization requires low GHG emissions. Is this consistent with nondecreasing human welfare? Our welfare index, called quality of life (QuoL), emphasizesExpand
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Wicksell, Lindahl and the Theory of Public Goods
Wicksell's and Lindahl's ideas on public goods and decisions are reviewed in light of later developments in the theoretical economics literature. I begin by discussing their normative ideals, inExpand
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Public Microeconomics: Efficiency and Equity in Public Policy
This book uses elementary calculus to explore externalities, insurance, and public goods. It provides methods to apply the social welfare criteria of equity and efficiency to networks, politicalExpand
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There May Be Unemployment When the Labour Market Is Competitive and the Output Market Is Not
Is unemployment always caused by union power, or, more generally, downwards rigidity of wages? The influential article by Hart (i 982) says 'Yes': there cannot be unemployment unless labour unionsExpand
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Does Risk Aversion or Attraction Depend on Income? An Experiment
Does risk attitude (aversion or attraction) vary with the level of the income at risk? About half of our subjects chose to insure all levels, whereas another half chose instead not to insure lowExpand
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