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- W202272107 abstract "In summary, Pareto would have the Ministry of Production choose as = a * s, compensate those who would otherwise be harmed by the choice and later consider how the residual might best be distributed. Kemp and Pezanis-Christou (1999) Economic theorists traditionally banish discussions of information to footnotes. Serious consideration of costs of communication, imperfect knowledge, and the like would, it is believed, complicate without informing. This paper, which analyses competitive markets in which the characteristics of the commodities exchanged are not fully known to at least one of the parties to the transaction, suggests that this comforting myth is false. Some of the most important conclusions of economic theory are not robust to considerations of imperfect information. Rothschild and Stiglitz (1976, p. 629)" @default.
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- W202272107 title "Why Do Economists Favor Free Trade but Politicians Don’t?" @default.
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