AN ANALYSIS OF COLLECTIVE GOODS AND EXTERNAL EFFECTS UNDER CONDITIONS OF COMPLETE INFORMATION AND PARETO OPTIMALITY.
NAVAL POSTGRADUATE SCHOOL MONTEREY CALIF
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The allocation of resources is a problem which is faced by all decision makers whether they be public servants or private entrepreneurs. Increasingly these decisions have required more information than can generally be obtained through the decentralized pricing system of perfect competition. Many of the social problems of today, specifically environmental pollution, are rooted in economic concepts which seem to cause allocations which are not Pareto optimal if determined by the market alone. The paper is confined to the study of two of the more important of these concepts, collective goods and external effects. The basic economic structure utilized is that of perfect competition under a criteria of Pareto optimality. Author
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