{"title":"Efficiency and equity in a socially-embedded economy","authors":"","doi":"10.1007/s00199-023-01546-5","DOIUrl":null,"url":null,"abstract":"<h3>Abstract</h3> <p>A model that only focuses on economic relations, and in which efficiency and equity are defined in terms of resource allocation may miss an important part of the picture. We propose a canonical extension of the standard general equilibrium model that embeds economic activities in a larger game of social interactions. Such a model combines general equilibrium effects with social multiplier effects and considerably enriches the analysis of efficiency and equity. Efficiency involves coordination between economic and social interactions, may depend on social norms, and may strongly interact with the distribution of resources. Equity can be defined in a comprehensive, socioeconomic way, and a decomposition into an economic and a social component is possible.</p>","PeriodicalId":47982,"journal":{"name":"Economic Theory","volume":"295 1","pages":""},"PeriodicalIF":1.2000,"publicationDate":"2024-01-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Economic Theory","FirstCategoryId":"96","ListUrlMain":"https://doi.org/10.1007/s00199-023-01546-5","RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"ECONOMICS","Score":null,"Total":0}
引用次数: 0
Abstract
A model that only focuses on economic relations, and in which efficiency and equity are defined in terms of resource allocation may miss an important part of the picture. We propose a canonical extension of the standard general equilibrium model that embeds economic activities in a larger game of social interactions. Such a model combines general equilibrium effects with social multiplier effects and considerably enriches the analysis of efficiency and equity. Efficiency involves coordination between economic and social interactions, may depend on social norms, and may strongly interact with the distribution of resources. Equity can be defined in a comprehensive, socioeconomic way, and a decomposition into an economic and a social component is possible.
期刊介绍：
The purpose of Economic Theory is to provide an outlet for research - in all areas of economics based on rigorous theoretical reasoning, and
- on specific topics in mathematics which is motivated by the analysis of economic problems. Economic Theory''s scope encompasses - but is not limited to - the following fields. - classical and modern equilibrium theory
- cooperative and non-cooperative game theory
- macroeconomics
- social choice and welfare
- uncertainty and information, intertemporal economics (including dynamical systems)
- public economics
- international and developmental economics
- financial economics, money and banking
- industrial organization Economic Theory also publishes surveys if they clearly picture the basic ideas at work in some areas, the essential technical apparatus which is used and the central questions which remain open. The development of a productive dialectic between stylized facts and abstract formulations requires that economic relevance be at the forefront. Thus, correct, and innovative, mathematical analysis is not enough; it must be motivated by - and contribute to - the understanding of substantive economic problems.
Officially cited as: Econ Theory
求助内容：
应助结果提醒方式：
京公网安备 11010802042870号
