UmweltÇôkonomie und zukunftsfÇÏhige Wirtschaft. Eine

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The MSB would tend to dominate in a short-run. materials. But the significance of the theorems is debatable, since actual markets differ significantly from perfectly competitive markets and, when there are multiple market imperfections, the “theory of the second best” shows that fixing some of the imperfections may lead the society away from a perfectly competitive equilibrium (and diminish efficiency and welfare) rather than toward one (Lipsey and Lancaster 1956–7).

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Publisher: Physica (1994)

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CostBenefit Analysis and Water Resources Management

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