Editors’ Introduction The two authors had tried alternative drafts to reach a consensus. While they had no problem in agreeing on Part II, the final version of Part I was mainly drafted by Lipsey, partly based on previous versions, with only minor revisions and additions from Ng. For a main part of the version preferred by Ng, please see section 2 of Ng (2017b). Importantly, the main disagreement over Part I was how to present the reasoning behind the results of first-best and second-best theories, results with which both authors agree. They also wish to acknowledge the research assistance of Zhang Chen

Pacific Economic Review, 2017, vol. 22, issue 2, 147-154

Date: 2017
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