first-best solution
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Related concepts
Concepts that appear alongside first-best solution across episodes.
- certainty equivalent
- profit tax
- output tax
- stochastic output
- risk aversion
- sharecropping
- investment decisions
- concave utility functions
- risk sharing
- property rights
- rental contract
- limited liability
- moral hazard
- land markets
- incentive compatibility constraint (ic)
- land titling
- individual rationality constraint (ir)