The powerful theorems of welfare economics operate under a range of
assumptions. Two of the most significant are the existence of
competitive markets for all goods and services - including futures
markets - and the unbounded rationality of all economic agents who
act independently to maximize payoffs. In the contributions
discussed in this research review, economists come to grips with
the consequences of markets falling short of assumptions, as well
as the response of institutions to observed market characteristics.
This comprehensive study will be of interest to economists and
policymakers who wish to understand the strengths and limitations
of the market mechanism of resource allocation.
General
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