English, Article, Journal or magazine article edition: Reassessing the Diamond/Mirrlees Efficiency Theorem Peter Hammond

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Bookmark: http://trove.nla.gov.au/version/142807
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Reassessing the Diamond/​Mirrlees Efficiency Theorem
Author
  • Peter Hammond
Physical Description
  • preprint
Notes
  • March 2000 Diamond and Mirrlees (1971) provide sufficient conditions for a second-best Pareto efficient allocation with linear commodity taxation to require efficient production when a finite set of consumers have continuous single-valued demand functions. This paper considers a continuum economy allowing indivisible goods, other individual non-convexities, and some forms of non-linear pricing for consumers. Provided consumers have appropriately monotone preferences and dispersed characteristics, robust sufficient conditions ensure that a strictly Pareto superior incentive compatible allocation with efficient production results when a suitable expansion of each consumer's budget constraint accompanies any reform which enhances production efficiency. Appropriate cost-benefit tests can identify small efficiency enhancing projects.
  • RePEc:wop:stanec:00006
Language
  • English
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