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Several partners jointly own an asset that may be traded among them. Each partner has
a valuation for the asset; the valuations are known privately and drawn independently
from a common probabilit...
Dissolving the Chimera of the ‘Adam Smith Problem’
Dissolving the Chimera Adam Smith Problem
2014/6/24
In The Wealth of Nations, Adam Smith set out his influential theory that societies achieve prosperity by securing the freedom of individuals to pursue their own endby the means they choose within a f...
Implementation of Socially Optimal Outcomes in the Process of Dissolving Public Enterprises in China
2008/1/17
Abstract In this paper, we study an optimal cost sharing scheme between the central and local governments in current China’s process of dissolving public firms through mergers and bankruptcies. We fir...