---------- Forwarded message ----------
From: Walter Schachermayer <wschach(a)fam.tuwien.ac.at>
---------- Forwarded message ----------
Date: Thu, 24 Jun 2004 16:09:21 +0200
From: Beatrix Pawelczak <pawelcza(a)ihs.ac.at>
To: NOEG_VT: ;
Subject: Invitation to IHS Public Lecture
ÖFFENTLICHER GASTVORTRAG
PUBLIC LECTURE
Monday, 28 June, 2004
Institut für Höhere Studien
1060 Wien, Stumpergasse 56
4:00 p.m., HS II
Herakles Polemarchakis
Brown University, Providence
Pareto Improving Taxes
ABSTRACT
In economies with externalities, competitive equilibria are
constrained suboptimal: commodity taxes lead to a Pareto improvement
after prices adjust and markets clear. The argument extends to
economies with strategic interactions, incomplete asset markets or
asymmetric information. The constrained suboptimality of competitive
allocations provides foundations for a theory of economic policy in
market economies.
With: J. D. Geanakoplos, Yale University
__________________________________________________________________
Bakk. phil. Beatrix Pawelczak
Institute for Advanced Studies and Scientific Research
Stumpergasse 56, 1060 Wien, Austria
Tel: +43-(01)-59991-145
Fax: +43-(01)-59991-163
e-mail: pawelcza(a)ihs.ac.at
www:
http://www.ihs.ac.at