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Abstract

Vol. 54, No. 1, pp. 1-18 (2003)

“Recent Development in Game Theoretic Analysis of Libertarian Rights”
Naoki Yoshihara (The Institute of Economic Research, Hitotsubashi University)

The paper surveys recent normative discussions of individual libertarian rights and social welfare. It starts with the game form formulation of individual rights, and reviews the analysis for internal consistency of individual rights system, and also the arguments leading to the Pareto-Liberal Paradox in the game form formulation of individual rights. It finally points out that the Pareto-Liberal Paradox can be essentially resolved in the game form formulation.