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Should We Expect Government Policy to Be Pareto Efficient?: The Consequences of an Arrow-Debreu Economy with Violable Property Rights

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  • Bullock, David S.

Abstract

To address the question, "Should we expect government policy to be efficient?" at its roots, I modify the well-known Arrow-Debreu private ownership economy, allowing property rights to be violable. The result is that equilibria tend to be Pareto inefficient.

Suggested Citation

  • Bullock, David S., 2005. "Should We Expect Government Policy to Be Pareto Efficient?: The Consequences of an Arrow-Debreu Economy with Violable Property Rights," 2005 Annual meeting, July 24-27, Providence, RI 19444, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    • Handle: RePEc:ags:aaea05:19444
    DOI: 10.22004/ag.econ.19444
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    References listed on IDEAS

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    2. Gardner, Bruce, 1981. "Efficient Redistribution in Agricultural Commodity Markets," Working Papers 20, The University of Chicago Booth School of Business, George J. Stigler Center for the Study of the Economy and the State.
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    5. David S. Bullock & Philip Garcia, 1999. "Testing the Efficient Redistribution Hypothesis: An Application to Japanese Beef Policy," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 81(2), pages 408-423.
    6. Zusman, Pinhas, 1976. "The Incorporation and Measurement of Social Power in Economic Models," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 17(2), pages 447-462, June.
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