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Citizen-candidate models of representative government postulate that any citizen may become a candidate for office, that a winner is chosen from among the candidates by voting with ties broken by the flip of a coin, that all voters have preferences among a set of policies and that the...
Persistent link: https://www.econbiz.de/10005688478
Correctly or not, Ronald Coase is often credited with the doctrine that courts ought to adjudicate for efficiency, that "the value of production" should serve as the criterion for resolving disputes over the boundaries between property rights. The doctrine that courts ought to adjudicate for...
Persistent link: https://www.econbiz.de/10005787798
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Citizen-candidate models of representative government postulate that any citizen may become a candidate for office, that a winner is chosen from among the candidates by voting with ties broken by the flip of a coin, that all voters have preferences among a set of policies and that the...
Persistent link: https://www.econbiz.de/10011940638
Persistent link: https://www.econbiz.de/10001037785
Seemingly absent from the arsenal of currently available "nearly efficient" testing procedures for the unit root hypothesis, i.e. tests whose asymptotic local power functions are virtually indistinguishable from the Gaussian power envelope, is a test admitting a (quasi-)likelihood ratio...
Persistent link: https://www.econbiz.de/10004967621
This paper provides a conceptual framework on fair collective choice rules that synthesizes the studies of Goldman and Sussangkarn (1978) and Suzumura (1981) on the one hand and Tadenuma (2002, 2005) on the other. We show that both frameworks have the following binary relation as a common...
Persistent link: https://www.econbiz.de/10005688265
We consider international negotiations on the level of global pollution, and examine the Lindahl solution which determines the distribution of the pollution permits with unanimous agreement. We show various properties to clarify difficulties to achieve a Pareto efficient allocation as an...
Persistent link: https://www.econbiz.de/10005688317
This paper examines efficient and equilibrium allocations in an economy where agents with diverse characteristics are matched through a time-consuming process to produce output. This is cast in a labour market where workers of different skills match with machines of different qualities. The...
Persistent link: https://www.econbiz.de/10005688571