an example of a competitive equilibrium. It can be used to illustrate the Coase theorem and the general welfare theorems. How to Draw the **Edgeworth** **Box** Let’s say we have two people, A and B. A has an initial endowment of 3 units of Good 1 and 2 /type of problem), then the line we use for A’s budget constraint will also represent B’s budget constraint. How to Draw the **Edgeworth** **Box** Next, we can draw in the indifference curves. Starting with person A, If the indiff. curve is tangent to the budget constraint at/

-Charles W. Upton Why Contract Law? Why Contract Law The **Edgeworth** **Box** Apples Bananas Why Contract Law The **Edgeworth** **Box** Apples Bananas Harry Sally Why Contract Law The **Edgeworth** **Box** Harry Sally aHaH aSaS bHbH bSbS Why Contract Law The **Edgeworth** **Box** Harry Sally Apples Bananas Why Contract Law The **Edgeworth** **Box** Harry Sally Apples Bananas Why Contract Law The **Edgeworth** **Box** Harry Sally Apples Bananas A B C Why Contract Law/

if no laws are broken in obtaining it to a fair allocation requires all people share equally. 26 The **Edgeworth** **Box** Diagram The **Edgeworth** **box** diagram is a graphic device for illustrating all of the possible allocations of two goods (or two inputs) that/ to illustrate voluntary exchange between two individuals. 27 Total X Total Y OSOS OJOJ FIGURE 12-4: **Edgeworth** **Box** Diagram 28 The **Edgeworth** **Box** Diagram for Exchange For consumer Smith, quantities of X are measured along the horizontal axis rightward from her/

at the highest possible indifference curve, given the indifference curve of the other person. 1 2 Y X Pure Exchange An **Edgeworth** **Box** The initial endowment is shown in the graph, above. Both are better off at a point in the shaded area. 1 2 /point on the contract curve. 1 2 Y X Endowment Pure Exchange An **Edgeworth** **Box** 1 2 Y X Endowment Exchange (trade) should occur s.t., MRS 1 = MRS 2 = Px/Py. Pure Exchange An **Edgeworth** **Box** 1 2 Y X Endowment Efficient Allocation Exchange leads to a Pareto Efficient/

of welfare There are 2 “fundamental theorems of Welfare” They are also due to Pareto They can be analysed using the **Edgeworth** **box** Although they might seem a little “dry” in their definitions, they are crucial to understanding : Why economists see free markets/ a competitive market will exhaust all the possible gains from trade This is illustrated by the example we saw in the **Edgeworth** **box**: people are willing to trade until their indifference curves are tangent and there are no further gains to trading. The /

Wrong prescriptions for curing market imperfections 5 Efficiency in Production Can extend concept of Pareto efficiency and **Edgeworth** **box** to production efficiency Efficiency in production deals with allocation of resources (inputs) within a specific firm /Figure 11.11 Production-efficient commodities, Q 1 * and Q 2 *, from production possibilities frontier, forms an **Edgeworth** **box** Robinson’s indifference map originates from production possibilities frontier point of origin, 0 R Friday’s indifference /

: the conceptual apparatus 1 In the first thirteen Sections of TPE Jevons discusses a two-trader, two-commodity, pure-exchange economy, that is an **Edgeworth** **Box** economy ℰ J 2x2 = {(ℝ 2 +, u i (‧), ω i ) i=1 2 } satisfying a few further specific assumptions concerning the / concept of Marginal Rate of Substitution, he implicitly uses it: Even if Jevons’s model unambiguously refers to an **Edgeworth** **Box** economy, his verbal interpretation of the model is not free of major ambiguities. Lesson 4 - Jevons, Jenkin, /

Pareto-efficient input allocations, at a given quantity of input and technology. (set of all Pareto-efficient points in the **Edgeworth** **box**) Shape of the curve is determined by the number of inputs available and by the isoquant that expresses the technology of /equilibrium of CONSUMPTION without prices 2 consumers: A, B and 2 products: X, Y Without prices Barter Examination in the **Edgeworth** **box** of exchange: a graphical tool that is used to analyse the exchange of 2 goods between 2 people. It shows the /

economy. Let’s start by having another look at the exchange economy. We’ll redraw the **Edgeworth** **box**. We’ll redraw the **Edgeworth** **box**. Frank Cowell: Microeconomics Overview... An exchange economy The solution concept Prices and the Core General Equilibrium/ The offer curve as a tool of analysis Frank Cowell: Microeconomics The **Edgeworth** **Box** Remember that the **Edgeworth** **Box** is a 2 2 representation of an exchange economy: Remember that the **Edgeworth** **Box** is a 2 2 representation of an exchange economy: Two/

2 = 10 + 1/8 = 81/8. The equilibrium can be illustrated in a so- called **Edgeworth** **Box**. EOM: Chapter 3 (P. Bertoletti)45 The **Edgeworth** **Box** I The **Edgeworth** **Box** (EB) is used to analyze the possible exchanges between two agents, 1 and 2, endowed with quantities /E2E2 E12E12 E21E21 E11E11 E22E22 I1I1 I2I2 E E1E1 E1E1 E2E2 Pareto improvements EOM: Chapter 3 (P. Bertoletti)47 The **Edgeworth** **Box** II Notice that (interior) Pareto efficient allocations in the EB do correspond to the set of tangency points among the /

to PD Problems 3.Coasian bargains and trust 4.Modeling Bargaining gains: a. Detrimental and Beneficial Reliance b.**Edgeworth** **Box** Function 5.Defining Efficiency Criteria 2 3 CooperateDefect Cooperate3, 3-1, 4 Defect4, -10, 0 Player 2/ Political Economy 1020 (2007) 40 Modeling Bargaining Gains Indifference Curves The Budget Line Consumer Choice Beneficial Reliance The **Edgeworth** **Box** Function Pareto-Superiority and Pareto- Optimality 41 0 Two dimensional Commodity Space: Every point represents a combination of /

place of Jevons’ additive form Development (along with Pareto) of the indifference curve concept (indifference curves did not become popular until the 1930s) **Edgeworth** **box** diagram and the contract curve Importance of the number of traders for determinancy **Edgeworth** **Box** Drawn for two individuals with given initial endowments of x and y x B y a c b y A x Contract curve a/

as Prentice Hall Microeconomics Pindyck/Rubinfeld, 8e. EFFICIENCY IN EXCHANGE 16.2 The Advantages of Trade The **Edgeworth** **Box** Diagram ●**Edgeworth** **box** Diagram showing all possible allocations of either two goods between two people or of two inputs between two /Inc. Publishing as Prentice Hall Microeconomics Pindyck/Rubinfeld, 8e. EFFICIENCY IN EXCHANGE 16.2 The **Edgeworth** **Box** Diagram Each point in the **Edgeworth** **box** simultaneously represents James’s and Karen’s market baskets of food and clothing. At A, /

establishes a feedback effect. Use general equilibrium analysis with feedback effects Chapter 16 86 Efficiency in Production Production in the **Edgeworth** **Box** The **Edgeworth** **box** can be used to measure inputs to the production process. Chapter 16 87 Efficiency in Production Production in the **Edgeworth** **Box** Each axis measures the quantity of an input Horizontal: Labor, 50 hours Vertical: Capital, 30 hours Origins measure output OF/

if no laws are broken in obtaining it to a fair allocation requires all people share equally. 22 The **Edgeworth** **Box** Diagram The **Edgeworth** **box** diagram is a graphic device for illustrating all of the possible allocations of two goods (or two inputs)/ possibility frontier is constructed. It can also be adapted to illustrate voluntary exchange between two individuals. 23 The **Edgeworth** **Box** Diagram for Exchange For consumer Smith, quantities of X are measured along the horizontal axis rightward from her axis/

an in-depth look, see also Varian’s Intermediate Micro book, chapters 30-33 **Edgeworth** **boxes** Simple study of distribution We will make extensive use of **Edgeworth** **boxes**, Pareto efficiency, and Pareto improvements **Edgeworth** **boxes** are used for a two-person economy Bottom left of **Edgeworth** **box** is origin for one person Top right of **Edgeworth** **box** is origin for other person See Figures 3.1 and 3.2 Pareto/

understand the pareto efficiency, we begin with the concept of “**Edgeworth** Exchange **Box**” which means the contrast of two parties’ utility which is shown by the **edgeworth** **box** proposed by the economists. **EDGEWORTH** EXCHANGE **BOX** We begin with the **Edgeworth** exchange **box** Apple Orange Apple Orange **EDGEWORTH** EXCHANGE **BOX** (cont) Apple Orange Apple Orange Consumer 1 (C1) Consumer 2 (C2) **EDGEWORTH** EXCHANGE **BOX** (cont) Apple Orange Apple Orange DERIVING PARETO OPTIMAL POINT/

production Labor in F production Qf=10Qf=15 Qc=7 Qc=10 Qc=12 19 Many of the allocations in the **Edgeworth** **box** are technically inefficient. –it is possible to produce more F and more C by shifting capital and labor around. / one good into another = the rate at which consumers are willing to substitute between the goods. 27 Production and the **Edgeworth** **Box** Diagram 28 Comparative Advantage The theory of comparative advantage was first proposed by Ricardo –Countries should specialize in producing those goods of/

in PD Games 2.Coasian bargains and trust 3.Modeling Bargaining gains: a. Detrimental and Beneficial Reliance b.**Edgeworth** **Box** Function 4.Defining Efficiency Criteria 6 7 CooperateDefect Cooperate3, 3-1, 4 Defect4, -10, 0 Player 2/ 1020 (2007) 47 Modeling Bargaining Gains Indifference Curves The Budget Line Consumer Choice Beneficial Reliance The **Edgeworth** **Box** Function Pareto-Superiority and Pareto- Optimality 48 0 Two dimensional Commodity Space: Every point represents a combination of the two /

s clothing is measured leftward from O B, and his food downward from O B. At any point within the **Edgeworth** **box**, the individual quantities of food and clothing sum to the total amounts available. Slide 3Copyright © 2004 McGraw-Hill Ryerson/2004 McGraw-Hill Ryerson Limited FIGURE 16-11 Generating the Production Possibilities Frontier Each point on the contract curve in the **Edgeworth** production **box** (top panel) gives rise to specific quantities of food and clothing production. The food- clothing pairs that lie /

need to find how much of each good is produced at this rel. price We use another diagram to work that out: **Edgeworth** **box** with fixed rel. goods prices & thus fixed rel. factor prices & thus fixed input coefficients. i.e. how much labour /favoured’ factor will expand; the other sector will shrink holding rel. goods price constant. Can show this with the ‘expanded **Edgeworth** **box**’ diagram. Intuition: can’t do it in one sentence since involves both full employment conditions and the difference in factor intensity/

place of Jevons’ additive form Development (along with Pareto) of the indifference curve concept (indifference curves did not become popular until the 1930s) **Edgeworth** **box** diagram and the contract curve Importance of the number of traders for determinancy **Edgeworth** **Box** A B x y x y Contract curve a b c a is the point of initial endowments—parties will move onto the contract/

.e. the endowment allocation. 6 If the endowment allocation is and The Endowment Allocation How can we represent it in the **Edgeworth** **box**? 7 The Endowment Allocation OAOA OBOB The endowment allocation 8 Other Feasible Allocations denotes an allocation to consumer A. denotes an/ Markets OAOA OBOB Consumer A’s consumption choice Consumer B’s consumption choice 52 Trade in Competitive Markets From the **Edgeworth** **Box** and 53 Trade in Competitive Markets At the new prices p 1 and p 2 both markets clear; there is/

when budget changes) ManEc 300Day 8 Bryson Preparation for quiz on isoquants and the **Edgeworth** **Box**: 1. Review the effect of price changes 2. Explain the **Edgeworth**-Bowley **Box** Trading from any point off the contract curve to a point on the contract curve/Mp k /P k ) 4. Show isocost line Preparation for quiz on isoquants and the **Edgeworth** **Box**: 1. Start with the two-producer barter case of production: the **Edgeworth**- Bowley **Box** Gains of trade. Efficiency is being on the contract curve. Trading from any point off /

for all individuals. © 2005 Pearson Education Canada Inc. 13.7 The Contract Curve All the points in the **Edgeworth** **box** where the indifference curves are tangent describes the entire set of Pareto-optimal allocations. A line connecting all these points/ that the MRTS must be identical for all firms. © 2005 Pearson Education Canada Inc. 13.19 Figure 13.6 An **Edgeworth** **box** for production © 2005 Pearson Education Canada Inc. 13.20 Efficiency in the Product Mix This condition concerns the interface between/

Allocation: Feasible allocation: total consumption does not exceed total endowment for both goods. 30.1 The **Edgeworth** **Box** Each point in the **Edgeworth** **box** represents a feasible allocation. From W to M: Person A trades units of good 1 / of Welfare Economics: Any competitive equilibrium is Pareto efficient. EXAMPLE: Monopoly in the **Edgeworth** **Box** A regular monopolist EXAMPLE: Monopoly in the **Edgeworth** **Box** First degree price discrimination 30.11 Efficiency and Equilibrium Reverse engineering: Starting from /

together to get... A1A1 A2A2 A3A3 A4A4 A5A5 B1B1 B2B2 B3B3 B4B4 0A0A 0B0B Beer Pizza Beer NOTE: Each axis represents total amount of each good available. … an **Edgeworth** **Box** How To Use the **Edgeworth** **Box** To Illustrate Pareto Efficiency Choose a point where indifference curves intersect Note MRS for each person –not equal Show how it would be possible to make one better/

has an initial endowment represented as a pair (c,f) the quantities of clothing and food correspondingly. See **Edgeworth** boxSee **Edgeworth** **box** Pareto Efficiency An allocation of goods in an economy is Pareto efficient if there is no other allocation that/ How to allocate the goods to Geoffrey and Elizabeth?How to allocate the goods to Geoffrey and Elizabeth? The **Edgeworth** **Box** Condition 1 determining Pareto Efficient Allocation (Efficiency in Consumption) Assume that Elizabeth’s and Geoffrey’s preferences are (/

good without reducing the production of the other? Yes, in this case. We can see all of the "better" allocations. General equilibrium & welfareslide 31 **Edgeworth** **Box** Use the graphs showing the initial allocation to construct another **Edgeworth** **Box** diagram. The **box** diagram shows simultaneously the allocations of inputs and the output levels of Tacos and Beer. General equilibrium & welfareslide 32 Rotate the Beer isoquants 180/

of relative prices equals marginal rates of substitution for each person Competitive equilibrium is Pareto-efficient First and second Theorems of Welfare Economics 20 **Edgeworth** **Box** Diagram Analysis Efficiency vs. Equity Tradeoffs: –Need welfare function 21 The **Edgeworth** **Box** Analysis Francis **Edgeworth** developed this method of analysis in the last portion of the 19th century. Provides a powerful way of graphically studying exchange and the/

are tangent to each other lies on the Pareto frontier or contract curve—this is denoted by the curve XY in the **Edgeworth** **box**. Since indifference curves are tangent along the contract curve, at any Pareto optimum the MRS between any two goods should be /curves will look like those for normal goods Where does S and D for bads come from? Demand : connecting DD & SS to **Edgeworth** **box** – At high garbage prices, garbage consumption is low—not paid enough to consume it. It is crucial to recognize that we are talking/

basics of market interaction by agents Let’s start by having another look at the exchange economy We’ll redraw the **Edgeworth** **box** March 2012 Overview… The offer curve as a tool of analysis General Equilibrium: price taking An exchange economy The offer/ curve as a tool of analysis The solution concept Prices and the Core March 2012 The **Edgeworth** **Box** Remember that the **Edgeworth** **Box** is a 22 representation of an exchange economy: Two goods Two persons, Alf and Bill Represent the /

yB) Feasible allocation: pair of consumption bundles that add up to total endowment (xA, yA)+(xB, yB)=(wAx, wAy)+(wBx, wBy) The **Edgeworth** **Box**: endowments Person B wBx y Endowments A has (wAx, wAy) B has (wBx, wBy) wBy Endowment Any feasible allocation of goods among the agents/Points to which A would be willing to trade Endowment A’s indifference curves wAy Person A x wAx Trade in the **Edgeworth** **Box** Person B wBx y B’s indifference curves wBy Points to which B would be willing to trade Endowment A’s indifference/

want our legislator to embrace? 40 41 Why Enforce Contracts: An Economic Analysis of Bargaining Gains 42 Modeling Bargaining Gains Indifference Curves The Budget Line Consumer Choice Beneficial Reliance The **Edgeworth** **Box** Function Pareto-Superiority and Pareto- Optimality 43 0 Two dimensional Commodity Space: Every point represents a combination of the two commodities X axis Y axis Commodity x Commodity y 44/

of Law Contracts II Modeling Bargaining Gains F.H. Buckley fbuckley@gmu.edu 2 Why Enforce Contracts: Modeling Bargaining Gains Indifference Curves The Budget Line Consumer Choice Beneficial Reliance The **Edgeworth** **Box** Function Pareto-Superiority and Pareto- Optimality 3 0 Two dimensional Commodity Space: Every point represents a combination of the two commodities X axis Y axis A X* Y* 4 Dollars/

’s quantity of food Jacob’s quantity of food Jacob’s quantity of clothing OJOJ OTOT 16-8 **Edgeworth** Exchange **Box** **Edgeworth** exchange **box**: a diagram used to analyze the general equilibrium of an exchange economy. 16-9 Figure 16.3:/marginal rates of technical substitution for the two firms will be equal in competitive equilibrium. 16-22 Figure 16.11: An **Edgeworth** Production **Box** 16-23 Efficiency In Production The marginal rates of technical substitution for the two firms will be equal in competitive equilibrium. /

Assume that any other trader acts as a price taker Analyse this within the context of the **Edgeworth** **box** Analyse this within the context of the **Edgeworth** **box** Frank Cowell: Microeconomics The model Two goods (1,2) and two traders (Alf, Bill/Frank Cowell: Microeconomics Overview... Market power Exchange and monopoly Misinformation Market Power and Misrepresentation Power play in the **Edgeworth** **box** Frank Cowell: Microeconomics Using the idea of market power We have characterised market power in a simplified case /

Markets Figure 10.2 Minimum Wage with Incomplete Coverage Page 320 Solved Problem 10.1 Figure 10.3 Endowments in an **Edgeworth** **Box** Figure 10.3a Endowments in an **Edgeworth** **Box** Figure 10.3b Endowments in an **Edgeworth** **Box** Figure 10.3c Endowments in an **Edgeworth** **Box** Figure 10.4 Contact Curve Figure 10.5 Competitive Equilibrium Figure 10.5a Competitive Equilibrium Figure 10.5b Competitive Equilibrium Figure/

or services such that any reallocation harms at least one person © 2007 Pearson Addison-Wesley. All rights reserved.10–10 Figure 10.3 Endowments in an **Edgeworth** **Box** I 1 j (a) Jane’s Endowment Jane’s candy 20 30 Candy, Bars 0 j e j © 2007 Pearson Addison-Wesley. All rights reserved/ 60 20 Candy, Bars 0 d e d © 2007 Pearson Addison-Wesley. All rights reserved.10–12 Figure 10.3 Endowments in an **Edgeworth** **Box** (cont’d) (c) **Edgeworth** **Box** Jane’s candy Denise’s candy C A B 2040 6080 50 30 e a f 80 50 30 20 0 j 0 d I/

economy. 4 Mason Spencer Mason’s Candy Spencer’s Candy Mason’s Gum Spencer’s Gum 100 150 100 150 0 0 0 0 Graphical Example of **Edgeworth** Exchange **Box** 7525 50 100 5 Question: Can Mason & Spencer do better? To answer this question, we need to know something about Mason & Spencer’s preferences./) Firm G (Gum) Firm C’s Capital Firm G’s Capital Firm C’s Labor Firm G’s Labor KEKE LELE KEKE LELE 0 0 0 0 **Edgeworth** **Box** for Candy and Gum Production G0G0 C2C2 C0C0 C1C1 C 2 > C 1 > C 0 G1G1 G2G2 G 2 > G 1 > G 0 20 Firm/

). –Suppose firm C produces clothing and firm F produces food. –The marginal rates of technical substitution for the two firms will be equal in competitive equilibrium. Figure 17.10: An **Edgeworth** Production **Box** ©2015 McGraw-Hill Education. All Rights Reserved. 20 Efficiency In Production ©2015 McGraw-Hill Education. All Rights Reserved. 21 Competitive general equilibrium is efficient not only in the allocation/

: if everybody believes that x is weakly better than y, then x is socially weakly better than y. Illustration: An **Edgeworth** **Box** A B xB2xB2 xA1xA1 xA2xA2 xB1xB1 x y z 22 11 A B xB2xB2 xA1xA1 xA2xA2 xB1xB1 x y z/goods accross n individuals) A = { x nl + : x 1 j +…+ x nj j for j = 1,…, l } for some l + (an **Edgeworth** **box**) D : the set of all selfish, continuous, monotonically increasing and convex preference profiles. Pareto correspondence: C : D A defined by: C ( R 1,…, R n ) = { x /

necessary to maximize their utility. A GEOMETRIC REPRESENTATION OF THE MODEL A GEOMETRIC REPRESENTATION OF THE MODEL The **Edgeworth** **Box** A GEOMETRIC REPRESENTATION OF THE MODEL A GEOMETRIC REPRESENTATION OF THE MODEL Every possible allocation of two goods between Smith/which are efficient A GEOMETRIC REPRESENTATION OF THE MODEL A GEOMETRIC REPRESENTATION OF THE MODEL Lower Left Corner of the **Edgeworth** **Box** G is not tangent but efficient G is not tangent but efficient There can not be any mutual satisfactory /

Sally Apples Bananas A B The Contract Curve The purpose of contract law is to facilitate bargaining to reach the Contract Curve.. Market Failures The **Edgeworth** **Box** Harry Sally Apples Bananas A B The Contract Curve But, as we all know, there are occasions when bargaining does not reach the contract curve.. Market Failures Fifth Principle of /

form of a pure exchange economy is the two-agent, two-good exchange economy, which may be illustrated graphically using the **Edgeworth** – Bowley **Box**. A B · The “**Edgeworth** **Box**”: a pure exchange economy x · · Assumptions: Pure exchange economy Two goods: and Two agents, A and / /20 + x 2 /10 = 10 x 2 = 100 - 1/2 x 1 x1x1 x2x2 Add a 3 rd producer … The **Edgeworth** **Box** used to illustrate a production economy [ ] Two goods,, produced with two inputs. [ ] Allocation of inputs to production: the amount of allocated/

the two goods with which Ann and Bill begin each time period. 18-6 Figure 18W.1: An **Edgeworth** Exchange **Box** 18-7 **Edgeworth** Exchange **Box** **Edgeworth** exchange **box**: a diagram used to analyze the general equilibrium of an exchange economy. 18-8 Figure 18W.2: /of technical substitution for the two firms will be equal in competitive equilibrium. 18-21 Figure 18W.10: An **Edgeworth** Production **Box** 18-22 Efficiency In Production The marginal rates of technical substitution for the two firms will be equal in competitive/

Jane and Denise would benefit from trading firewood and candy bars, we use an **Edgeworth** **box**. An **Edgeworth** **box** illustrates trade between two people with fixed endowments of two goods. An **Edgeworth** **box** is useful in general equilibrium models because both the firewood and candy bar markets/reserved.10-29 10.3 Competitive Exchange Given prices of the two goods, a price line can be added to the **Edgeworth** **box**. The price line is all the combinations of goods that Jane could get by trading, given her endowment. If /

each other, they can reach a Pareto efficient allocation The **Edgeworth** **Box** illustrates this idea for two agents **Edgeworth** **Box** It can be used to explain how the competitive equilibrium is efficient **Edgeworth** **Box** A competitive equilibrium In a perfectly competitive market prices adjust/ equal to that same price => at the margin the WTP for ALL individual agents ends up being equal **Edgeworth** perspective on exchange efficiency http://www.sscnet.ucla.edu/ssc/labs/camero n/e1f98/imapedge.htmlhttp://www.sscnet.ucla/

: when no one can gain without someone else losing Francis Ysirdo **Edgeworth**, Mathematical Psychics, 1881 Indifference curves **Edgeworth** **Box** Contract Curves **Edgeworth**—a terrible lecturer: He didn’t mind an empty lecture room so/indivisibilities, technical progress, securities markets, derivatives, inventory management Work independent of Marshall, who had yet to publish –**Edgeworth** (@ Oxford) credited them above Walras –Highly regarded by Pareto, Fisher –Launhardt (@ Hannover Polytechnic – economics of /

among the bootstrap methods Previous Studies Fan & Zhou (Outcome Research Methodology, 2006) CLT-based (Taylor’s), Fieller’s, confidence **box**, bootstrap (normal approximation, percentile, bootstrap-t, BCa, parametric bootstrap) Conclusion: nonparametric bootstrap-t is best in term of coverage/ what play a role in the normal approximation To help improve inference **Edgeworth** Expansion: NHB NHB: Let where, **Edgeworth** Expansion: ICER ICER: Let where A1 and A2 depends on the asymptotic variance of T1 and /

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