Pareto-improving income redistribution: expanding consumer access to the vaccines market |
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Authors: | Pedro Garcia-del-Barrio |
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Institution: | 1.School of Economics and Social Sciences,Universitat Internacional de Catalunya,Barcelona,Spain |
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Abstract: | Economic theory has proved that income redistribution in imperfectly competitive markets can increase social welfare and lead to Pareto-improving situations. This paper shows that, under certain assumptions, self-financing tax subsidy schemes can have Pareto-improving effects also in a competitive framework. This result is achieved by exploiting external economies of scale, resulting in a decrease in price along with an increase in output. The case of the vaccines industry and World Health Organization initiatives are examined to illustrate the theoretical analysis. |
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