Should We Expect Government Policy to Be Pareto Efficient?: The Consequences of an Arrow-Debreu Economy with Violable Property Rights
Resource information
Date of publication
December 2005
Resource Language
ISBN / Resource ID
AGRIS:US2012204291
To address the question, "Should we expect government policy to be
efficient?" at its roots, I modify the well-known Arrow-Debreu
private ownership economy, allowing property rights to be violable.
The result is that equilibria tend to be Pareto inefficient.
