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Kaldor-Hicks efficiency

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Coase theorem

Coase theorem  

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A concept often invoked in the economic analysis of law. Named after the Nobel laureate Ronald Coase (1911– ), it defines an “efficient” outcome as one in which the net sum of social wealth is ...
economic analysis of law

economic analysis of law  

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A theory of law, usually seen as a modern form of utilitarianism, based largely on the proposition that a rational human being will always act to maximize his satisfactions: if he wants something ...
Pareto efficiency

Pareto efficiency  

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In economic theory, an alteration in the allocation of resources is said to be Pareto efficient when it leaves at least one person better off and nobody worse off. A state of Pareto optimality occurs ...

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