Economics Dictionary of ArgumentsHome
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| Efficiency: Economic efficiency is the optimal allocation of resources to produce the greatest possible output. It is a state where resources are used in a way that maximizes the satisfaction of human wants and needs._____________Annotation: The above characterizations of concepts are neither definitions nor exhausting presentations of problems related to them. Instead, they are intended to give a short introduction to the contributions below. – Lexicon of Arguments. | |||
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Donald Wittman on Efficiency - Dictionary of Arguments
Parisi I 435 Efficiency/time sequence/ex ante/ex post/costs/Wittman: In many cases, giving the right to the second party in time would completely undermine the incentives to invest that exist when the first party is given the right. Just think what it would mean if we gave the right to a patent to the second party (…). It is generally the case that the first party in time knows less about the second party in time than the second party knows about the first party. And if this is the main distinguishing characteristic, then the first party should have the right. >Bankruptcy/Wittman, >Time/Wittman. Donald Wittman. “Ex ante vs. ex post”. In: Parisi, Francesco (ed) (2017). The Oxford Handbook of Law and Economics. Vol 1: Methodology and Concepts. NY: Oxford University._____________Explanation of symbols: Roman numerals indicate the source, arabic numerals indicate the page number. The corresponding books are indicated on the right hand side. ((s)…): Comment by the sender of the contribution. Translations: Dictionary of Arguments The note [Concept/Author], [Author1]Vs[Author2] or [Author]Vs[term] resp. "problem:"/"solution:", "old:"/"new:" and "thesis:" is an addition from the Dictionary of Arguments. If a German edition is specified, the page numbers refer to this edition. |
Wittman, Donald Parisi I Francesco Parisi (Ed) The Oxford Handbook of Law and Economics: Volume 1: Methodology and Concepts New York 2017 |
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