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The author would like to thank Hayne E. Leland, Setsuo Ohnari and Minoru Ogawa for many useful comments on an earlier version of this paper. He is also indebted to an anonymous referee in refining the final version.
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Ishii, Y. Welfare and efficiency under uncertainty. Journal of Economics Zeitschrift für Nationalökonomie 48, 175–188 (1988). https://doi.org/10.1007/BF01234609
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DOI: https://doi.org/10.1007/BF01234609