Access the full text.
Sign up today, get DeepDyve free for 14 days.
P. Hammond (1981)
Ex-ante and Ex-post Welfare Optimality under UncertaintyEconomica, 48
Richard Harris, N. Olewiler (1979)
The Welfare Economics of Ex Post OptimalityEconomica, 46
Steven Cheung (1970)
The Structure of a Contract and the Theory of a Non-Exclusive ResourceThe Journal of Law and Economics, 13
J. Gould (1973)
Meade on External Economies: Should the Beneficiaries Be Taxed?The Journal of Law and Economics, 16
Chicagoan theories of and policies for unpriced natural resources have gathered momentum over the past twenty years and have reached a fair degree of acceptability among some agricultural economists and some governments. The critical evaluation of the logic, explanatory and predictive power of these theories, which is undertaken in this paper, shows that this acceptability is not well founded. It is demonstrated that these theories embody substantial logical shortcomings and rely on hypotheses which may be falsified. These limitations have important implications for Chicagoan resource policies. Game theory is used to show that Pareto optimality cannot be reached when Chicagoan policies are implemented by a government, contrary to the contention of Chicagoan economists.
The Australian Journal of Agricultural Resource Economics – Wiley
Published: Apr 1, 1986
Read and print from thousands of top scholarly journals.
Already have an account? Log in
Bookmark this article. You can see your Bookmarks on your DeepDyve Library.
To save an article, log in first, or sign up for a DeepDyve account if you don’t already have one.
Copy and paste the desired citation format or use the link below to download a file formatted for EndNote
Access the full text.
Sign up today, get DeepDyve free for 14 days.
All DeepDyve websites use cookies to improve your online experience. They were placed on your computer when you launched this website. You can change your cookie settings through your browser.