Characterizations of the Public and Private Ownership Solutions
This paper characterizes two public ownership solutions in convex production economies with multiple inputs and multiple outputs, known respectively as the proportional and equal benefit solutions (Roemer and Silvestre (1989)), by means of axioms of upper and unanimously lower bounds of welfare respectively and an axiom of informational efficiency, Supporting Price Independence.
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|Date of creation:||1998|
|Date of revision:|
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