This paper addresses the question of the consistency of utility maximization in Becker's time allocation model with Pareto optimality. We find that when the general conditions of Pareto optimality are ...

This is a preview. Log in through your library . Journal Information Specializing in mathematical economic theory, Journal of Economics focuses on microeconomic theory while also publishing papers on ...

The field of mechanism design investigates how to construct systems and institutional rules that lead self‐interested agents to outcomes which achieve societal objectives. Auction theory, a key branch ...