𝔖 Bobbio Scriptorium
✦   LIBER   ✦

Who Said That There Is No Free Lunch?

✍ Scribed by Gardner, Kenneth D.


Book ID
124118510
Publisher
Elsevier Science
Year
1986
Tongue
English
Weight
159 KB
Volume
8
Category
Article
ISSN
0272-6386

No coin nor oath required. For personal study only.


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This paper shows that there is a simple way for a financial institution to make a positive profit, free of risk, under imperfect competition. The institution plays a very limited role. It offers firms in the industry a per-unit subsidy in return for a predetermined upfront fee. It neither produces i