Theme of the Lecture: when can institutions not improve efficiency? When can we not improve upon market outcomes? Coase Theorem: Efficiency and Bargaining -- closely related to value maximization.
In a non-welfaristic framework, Sen (1993) extends the first fundamental welfare theorem by demonstrating that the market mechanism also promotes individual freedom efficiently. This paper has a ...
Investopedia contributors come from a range of backgrounds, and over 25 years there have been thousands of expert writers and editors who have contributed. Robert Kelly is managing director of XTS ...
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