Can everyone benefit from innovation?

Christopher Chambers and Takashi Hayashi

Journal of Mathematical Economics, 2020, vol. 88, issue C, 187-191

Abstract: This paper investigates whether there is an allocation rule for which innovation never hurts anyone. Existing studies provide possibility characterizations together with efficiency and a natural participation constraint, assuming the domain of one input good and one output good in which nobody prefers to consume more of the input good than what she has. We show that this possibility result does not survive and we lead to impossibility either when (i) somebody wants to consume the input good more than what she has; or when (ii) there are multiple input goods.

Keywords: Innovation; General equilibrium; Social choice; Technology monotonicity (search for similar items in EconPapers)
Date: 2020
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Citations: View citations in EconPapers (4)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:mateco:v:88:y:2020:i:c:p:187-191

DOI: 10.1016/j.jmateco.2020.02.001

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