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Persistent link: https://www.econbiz.de/10008783143
I begin with two simple, similar interactions. In one, maximizing agents will reach a Pareto-optimal equilibrium, in the other, they won’t. The first shows the working of the Invisible Hand; the second, its limitations. Using other simple interactions in which equilibrium and P-optimality are...
Persistent link: https://www.econbiz.de/10010720643