By Hervi Moulin
Difficulties of reasonable department, equitable cost-sharing, department of a joint gain, or the alternative of a really democratic vote casting rule are regularly occurring topics of dispute in technologically complex democracies. This publication presents a complete and unified presentation of those technically heterogeneous topics which are associated via universal axioms.
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Additional resources for Axioms of cooperative decision making
Falling prices mainly translate into consumer benefits. 2 records potential static benefits calculated starting with PPP rates. These are benefits that persist even after eliminating the difference between market exchange rates and PPP rates. 3 percent of world GDP. 1 percent of GDP. As these figures suggest, total benefits calculated by starting with PPP exchange rates are substantially larger than the benefits calculated starting with market exchange rates. This is a surprise. We would expect, for most countries and most products, that PPP rates would bring observed prices closer to the margins of the BWPB than market exchange rates.
As a general rule, the larger the size of potential benefits (as a percent of GDP), the larger the share of benefits that is generated from rising prices. For middle-income and low-income countries, this means that more than 90 percent of potential static benefits result from rising prices. Rising prices imply higher wages for millions of unskilled workers. By contrast, for high-income countries, potential static benefits are generated more from falling prices than from rising prices. Falling prices mainly translate into consumer benefits.
Yet, as Evenett, Levenstein, and Suslow (forthcoming) show, private cartels are alive and well in many segments of the world economy. Another manifestation of market power is the common phenomenon of less than one-for-one exchange rate pass-through, when firms set their local prices. Goldberg and Knetter (1997) surveyed the extensive empirical literature on exchange rate pass-through and concluded that in many cases half or more of the effect of exchange rate changes is offset by destination-specific markups over cost.
Axioms of cooperative decision making by Hervi Moulin