in line with the unprecedented development of public sector in the 20th century, many economists have studied the efficiency of the public sector in economic growth and development. evidently, one of the important aspects of these studies is to determine the optimum size of government whose theoretical principles and approaches as well as practical methods have been argued about in public secto...

The discounted utilitarian criterion for infinite horizon social choice has been criticized for treating generations unequally. We propose an extended rank-discounted utilitarian (ERDU) criterion instead. The criterion amounts to discounted utilitarianism on non-decreasing streams, but it treats all generations impartially: discounting becomes the mere expression of intergenerational inequality...

For a general class of pure exchange OLG economies under uncertainty, we provide a complete characterization of the efficiency properties of competitive equilibria when markets are only sequentially complete and the criterion of efficiency is conditional Pareto optimality. We also consider a particular case in which markets fail to be even sequentially complete and provide a characterization wh...

The problem of determining the optimal level of output for goods and services produced by government and determining the best means of rationing these among people is an important one. The level of aggregate economic welfare depends on both the output level chosen and the mechanism used to distribute this output. Public decisions make implicit judgments on both output and rationing devices with...