Question
A 1956 paper by Richard Lipsey and Kelvin Lancaster posed a “general theorem” of this concept, arguing that when one condition for Pareto optimality is unmet, all of the other optimality conditions change as well. For 10 points each:
[10h] Give this sometimes-hyphenated term from welfare economics and policy analysis. A paper by Dani Rodrik argues that developing nations should use “institutions” of this type to adapt to context-specific market and governance failures.
ANSWER: second best [accept “The General Theory of Second Best”; accept “Second Best Institutions”; reject “best”; reject “first best”]
[10e] By contrast, in the “first best” world, the Pareto optimum is also one of these scenarios, in which no agent can unilaterally improve their position.
ANSWER: Nash equilibriums [or Nash equilibria; accept general equilibrium]
[10m] Bengt Holmström and Oliver Hart won a Nobel in 2016 for work that solved for the “second-best” form of these documents. A theoretical “complete” one of these documents accounts for all possible future states of the world.
ANSWER: contracts [accept (in)complete contracts]
<Matt Jackson, Social Science>
Summary
| 2023 Chicago Open | 08/05/2023 | Y | 9 | 17.78 | 100% | 78% | 0% |
Data
| In Search of Things Past | BHSU | 0 | 10 | 0 | 10 |
| Evans Hall destruction awaiters | Teach Us to Outgrow Our Ladness | 0 | 10 | 10 | 20 |
| Curse you, Periplus the Platypus! | Hang et al., Robert Browning | 0 | 10 | 10 | 20 |
| remembrance of lost time | I would prefer not to | 0 | 10 | 10 | 20 |
| Team Name Think Detail | Quasicrystal Silence | 0 | 10 | 10 | 20 |
| The anti-STOON-dahl cabal (the tall Keyal et al.) | [moderator voice] yes that is so tenpointscore! is your team feeling bonuspilled? | 0 | 10 | 10 | 20 |
| Don't be Afraid, the Clown's Afraid Too | The Canadians | 0 | 10 | 0 | 10 |
| The Catastrophic Implosion of Packet Sub | Romanos IV Diogenes’ Macaroni Grill | 0 | 10 | 10 | 20 |
| Saint Peter Andre 3000 | wave2: trimming membership codes 9655377758gp | 0 | 10 | 10 | 20 |