Adam Smith and the welfare cost of optimism.
The writer explores the welfare losses identified by Adam Smith as occurring because competition allocates resources to the highest bidders, whose expectations usually have an optimistic bias. He generalizes Smith's thesis on interest ceilings to a plan for resource allocation, and he examines 20th...
| Publicado en: | History of Political Economy Vol. 29; pp. 185 - 201 |
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| Formato: | Artículo |
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Duke University Press
Summer 1997
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| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=ssf&AN=513024587&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 513024587 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 00182702 HPE jtl: History of Political Economy issn: 00182702 maglogo: N pubinfo: dt: Summer 1997 vid: 29 pid: 154 pub: Duke University Press artinfo: ui: 513024587 10.1215/00182702-29-2-185 ppf: 185 ppct: 16 formats: tig: atl: Adam Smith and the welfare cost of optimism. aug: au: Niehans, Jürg su: Smith, Adam, 1723-1790 Optimism Pessimism Resource allocation -- Mathematical models Philosophy of economics Welfare economics sug: subj: Optimism Pessimism Resource allocation -- Mathematical models Philosophy of economics Welfare economics Smith, Adam, 1723-1790 ab: The writer explores the welfare losses identified by Adam Smith as occurring because competition allocates resources to the highest bidders, whose expectations usually have an optimistic bias. He generalizes Smith's thesis on interest ceilings to a plan for resource allocation, and he examines 20th-century literature for traces of this plan. He translates this argument into a model of resource allocation among three agents and then develops it for any number of agents. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
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