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作者：Sugden, R
作者单位：University of East Anglia
摘要：This paper proposes a formulation of consumer sovereignty, for use in normative economics, which does not presuppose individuals' preferences to be coherent. The fundamental intuition, that opportunity and responsibility have moral value, is formalized as an opportunity criterion for assessing resource allocation systems. A model of an exchange economy is presented in which rational arbitrageurs compete to make profits by trading with nonrational consumers. In equilibrium, this economy satisfi...
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作者：Gorton, G; Huang, LX
作者单位：University of Pennsylvania; City University of Hong Kong
摘要：Governments can efficiently provide liquidity, as when the banking system is bailed out. We study a model in which not all assets can be used to purchase all other assets at every date. Agents sometimes want to sell projects. The market price of the projects sold depends on the supply of liquidity, which is determined in general equilibrium. While private liquidity provision is socially beneficial since it allows valuable reallocations, it is also socially costly since liquidity suppliers coul...
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作者：McAfee, RP; Schwartz, M
作者单位：California Institute of Technology; Georgetown University
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作者：Schmalensee, R
作者单位：Massachusetts Institute of Technology (MIT)
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作者：Schmidt, MB; Berri, DJ
作者单位：Portland State University; California State University System; California State University Bakersfield
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作者：Engle, R
作者单位：New York University
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作者：Cole, S; Arias, E
作者单位：State University of New York (SUNY) System; Stony Brook University; Centers for Disease Control & Prevention - USA; CDC National Center for Health Statistics (NCHS)
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作者：Slaughter, JB; Ehrenberg, RG; Hanushek, EA
作者单位：Cornell University; Stanford University; University of Texas System; University of Texas Dallas; National Bureau of Economic Research
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作者：Diamond, P
作者单位：Massachusetts Institute of Technology (MIT)
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作者：Majumdar, S; Mukand, SW
作者单位：Queens University - Canada; Tufts University
