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Erschienen in:
1987 | OriginalPaper | Buchkapitel
Incentive-based Decentralization: Expected-Externality Payments Induce Efficient Behaviour in Groups
verfasst von : John W. Pratt, Richard Zeckhauser
Erschienen in: Arrow and the Ascent of Modern Economic Theory
Verlag: Palgrave Macmillan UK
Enthalten in: Professional Book Archive
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Thirty-five years ago Kenneth Arrow asked a profound question: Is it ‘formally possible to pass from a set of known individual tastes to a pattern of social decision-making, the procedure in question being required to satisfy certain natural conditions’? (Arrow, 1951, p. 2). He laid out an appealing set of conditions and demonstrated that the answer was ‘No’. The vast literature that followed, frequently played musical chairs with his requirements while it tiptoed along the border of infeasibility.