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Welfare Economics Of The Second Best
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Book Synopsis Welfare Economics and Second-best Theory by : Richard S. Markovits
Download or read book Welfare Economics and Second-best Theory written by Richard S. Markovits and published by . This book was released on 2020 with total page 368 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the implications of The General Theory of Second Best for analyzing the economic efficiency of non-government conduct or government policies in an economically efficient way. It develops and legitimates an economically efficient economic-efficiency-analysis protocol with three unique characteristics: First, the protocol focuses separately on each of a wide variety of categories of economic inefficiency, many of which conventional analyses ignore. Second, it analyzes the impact of conduct or policies on each of these categories of economic inefficiency, primarily by predicting the respective conducts/policys impact on the distortion that the economys various Pareto imperfections generate in the profits yielded by the resource allocations associated with the individual categories of economic inefficiency--i.e., on the difference between their profitability and economic efficiency. And third, it is third-best--i.e., it instructs the analyst to execute a theoretical or empirical research project if and only if the economic-efficiency gains the project is expected to generate by increasing the accuracy of economic-efficiency conclusions exceed the predicted allocative cost of its execution and public financing. The book also uses the protocol to analyze the economic efficiency of specific policies so as to illustrate both how it differs from the protocols that most applied welfare economists continue to use and how its conclusions differ from those produced by standard analysis.
Book Synopsis Welfare Economics of the Second Best by : Dieter Bös
Download or read book Welfare Economics of the Second Best written by Dieter Bös and published by Springer Verlag. This book was released on 1986 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Welfare Economics and Social Choice Theory by : Allan M. Feldman
Download or read book Welfare Economics and Social Choice Theory written by Allan M. Feldman and published by Springer Science & Business Media. This book was released on 2006-06-14 with total page 401 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book covers the main topics of welfare economics — general equilibrium models of exchange and production, Pareto optimality, un certainty, externalities and public goods — and some of the major topics of social choice theory — compensation criteria, fairness, voting. Arrow's Theorem, and the theory of implementation. The underlying question is this: "Is a particular economic or voting mechanism good or bad for society?" Welfare economics is mainly about whether the market mechanism is good or bad; social choice is largely about whether voting mechanisms, or other more abstract mechanisms, can improve upon the results of the market. This second edition updates the material of the first, written by Allan Feldman. It incorporates new sections to existing first-edition chapters, and it includes several new ones. Chapters 4, 6, 11, 15 and 16 are new, added in this edition. The first edition of the book grew out of an undergraduate welfare economics course at Brown University. The book is intended for the undergraduate student who has some prior familiarity with microeconomics. However, the book is also useful for graduate students and professionals, economists and non-economists, who want an overview of welfare and social choice results unburdened by detail and mathematical complexity. Welfare economics and social choice both probably suffer from ex cessively technical treatments in professional journals and monographs.
Book Synopsis Welfare Economics and Second-Best Theory by : Richard E. Wagner
Download or read book Welfare Economics and Second-Best Theory written by Richard E. Wagner and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The economic theory of the second best has been an analytical staple of welfare economics and policy analysis since Lipsey and Lancaster (1956) set forth the idea. That theory challenged the then standard claim that removing violations of the necessary conditions for a competitive equilibrium would be Pareto efficient. According to second best theory, if two or more violations of those conditions exist, there can be no assurance that removing one violation will be Pareto efficient. Indeed, adding further violations could be Pareto superior. Second best theory is now widely ensconced throughout policy analysis; however, that theory amounts to filling imaginary economic boxes, to recur to a theme J. H. Clapham (1922) once advanced about the use of increasing and decreasing returns in policy analysis. Second best theory is a feature of a particular theoretical model that might be useful for blackboard demonstrations but which is incapable of advancing the analysis of public issues which require plausible and not demonstrative reasoning.
Book Synopsis Welfare Economics by : Roger A. McCain
Download or read book Welfare Economics written by Roger A. McCain and published by Routledge. This book was released on 2019-05-09 with total page 340 pages. Available in PDF, EPUB and Kindle. Book excerpt: Although it was an important specialization in economics in the mid-twentieth century, welfare economics has received less attention in the twenty-first century. This book explores the history of welfare economics, with a view to explaining its rise and subsequent decline. Drawing on both philosophy and economics, this book offers a new and original perspective on the history of welfare economics, starting with Pigou and charting the trajectory of applied and theoretical welfare economics throughout the twentieth century. This book will be of interest to students and researchers of philosophy, economics and history of economic thought.
Book Synopsis Welfare Economics and the Theory of Second Best by : Otto A. Davis
Download or read book Welfare Economics and the Theory of Second Best written by Otto A. Davis and published by . This book was released on 1965 with total page 14 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis A Course in Public Economics by : John Leach
Download or read book A Course in Public Economics written by John Leach and published by Cambridge University Press. This book was released on 2004 with total page 444 pages. Available in PDF, EPUB and Kindle. Book excerpt: This 2004 textbook explores how markets operate and governments' roles in addressing market failures.
Book Synopsis Household and Economy by : Marc Nerlove
Download or read book Household and Economy written by Marc Nerlove and published by Academic Press. This book was released on 2014-05-10 with total page 174 pages. Available in PDF, EPUB and Kindle. Book excerpt: Household and Economy: Welfare Economics of Endogenous Fertility deals with welfare economics and the socially optimal population size, as well as the social consequences of individual choice with respect to family size within each generation. The general equilibrium implications of endogenous fertility for a number of issues of population policy are discussed. In addition to their own consumption, the number of children and the utility of each child is assumed to enter the utility function of the parents. Comprised of 10 chapters, this volume begins with a review of social welfare criteria for optimal population size and the static theory of optimal population size, optimal population growth with exogenous fertility, and the theory of endogenous fertility. The reader is then introduced to the basic principles of welfare economics and the economics of externalities, followed by a summary of the traditional theory of household behavior. Subsequent chapters focus on optimal population size according to various social welfare criteria; real and potential externalities generated by the endogeneity of fertility; and the principal alternative reason for having children: to transfer resources from the present to support the future consumption of parents in old age. The book concludes by assessing the implications of endogenous fertility for within-generation income distribution policies and reflecting on the directions in which future research may be fruitful. This monograph will be of value to economists, social scientists, students of welfare economics, and those who wish to understand the contribution of economic analysis to an improved understanding of population policy.
Book Synopsis Welfare Economics in Theory and Practice by : Catherine M. Price
Download or read book Welfare Economics in Theory and Practice written by Catherine M. Price and published by MacMillan Publishing Company. This book was released on 1977 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Welfare Economics by : Bhaskar Dutta
Download or read book Welfare Economics written by Bhaskar Dutta and published by Oxford University Press, USA. This book was released on 1998 with total page 276 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the first of a series of books devoted to economic analysis relating to problems of the Indian economy. The introduction surveys the landmark contributions in the field and the essays focus on some of the issues relating to the fundamental theorems and their implications for public policy.
Download or read book Welfare Economics written by Y. Ng and published by Springer. This book was released on 2003-12-19 with total page 366 pages. Available in PDF, EPUB and Kindle. Book excerpt: Yew-Kwang Ng looks to make welfare economics more complete by discussing the recent inframarginal analysis of division of labour and by pushing welfare economics from the level of preference to that of happiness, making a reformulation of the foundation of public policy necessary. A theory of the third best is provided, with extension to the equality/efficiency issue. The remarkable conclusion of treating a dollar as a dollar provides a powerful simplification of public policy formulation in general and in cost-benefit analysis in particular.
Book Synopsis Applied Welfare Economics by : Richard E. Just
Download or read book Applied Welfare Economics written by Richard E. Just and published by Edward Elgar Publishing. This book was released on 2008 with total page 808 pages. Available in PDF, EPUB and Kindle. Book excerpt: Presents the key works that serve as a basis for applied welfare economic practices, the major papers that develop the methodology of applied economic welfare measurement and some of the exemplary applications in the fields of welfare work. This book is designed to provide students and scholars with a source useful in applied welfare economics.
Book Synopsis Welfare Economics and Social Choice Theory by : A.M. Feldman
Download or read book Welfare Economics and Social Choice Theory written by A.M. Feldman and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book covers the main topics of welfare economics - general equilib rium models of exchange and production, Pareto optimality, externalities and public goods - and some of the major topic of social choice the ory - compensation criteria, fairness, voting, Arrow's Theorem, and stra tegic behavior. The underlying question is this: "Is a particular economic or voting mechanism good or bad for society?" Welfare economics is mainly about whether the market mechanism is good or bad; social choice is largely about whether voting mechanisms can improve upon the results of the market. The book grew out of my undergraduate welfare economics course at Brown University, and it is intended for the undergraduate student who has some prior familiarity with microeconomics. However the book is also use ful for graduate students and professionals, economists and non-econo mists, who want an overview of welfare and social choice results unbur dened by detail and mathematical complexity.
Book Synopsis Second Best Welfare Economics in the Mixed Economy by : David Starrett
Download or read book Second Best Welfare Economics in the Mixed Economy written by David Starrett and published by . This book was released on 1977 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Welfare Economics of Public Policy by : Richard E. Just
Download or read book The Welfare Economics of Public Policy written by Richard E. Just and published by Edward Elgar Publishing. This book was released on 2005-01-01 with total page 706 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Welfare Economics of Public Policy is a great book that should be of interest to all economists interested in applied welfare analysis. It is a good reference book for economists studying the effects of public policy. Finally, it should be a useful textbook for students studying economic policy and applied welfare economics. Jean-Paul Chavas, American Journal of Agricultural Economics . . . a very comprehensive overview of the state of the art in welfare economics. It can be used as a teaching book for advanced students as well as a reference volume for researchers. This duality of possible uses is supported by the fact that very complex issues are presented in an easily readable manner. More technical aspects are then outlined in the appendices of the relevant chapters, offering colleagues the option to study formal considerations in more detail. . . a welcome addition to and expression of the knowledge base of agricultural economics. Stefan Mann, Journal of Agricultural Economics I am absolutely delighted that the authors have revised and republished this text. I have used the previous version for years in my graduate environmental economics course; usually I had to share the one copy I have with students and I felt it was a shame that these students did not have the opportunity to purchase the book since every serious environmental economist should have this volume on their shelf. It has been a continuous reference volume for me over the years and I am sure this is true of many others in the discipline. In the field of applied welfare analysis (spanning environmental economics, international trade, agricultural policy, etc.) there is no need for further elaboration when Just, Hueth and Schmitz is referenced. Everyone knows the book that is being referred to: the bible of applied welfare economics. Catherine Kling, Iowa State University, US For the record, I am one of the people who requested that the authors revise and re-issue their textbook. It is an extremely valuable book for applied economists; as with the previous edition, I will use it extensively in two of my courses and consult it frequently in my own research endeavors. Richard Adams, Oregon State University, US The original book is very well known in our profession and is still used in many classes. It will be wonderful to have a revised edition of this classic book. Colin Carter, University of California, Davis, US This outstanding text, a follow-up to the authors award-winning 1982 text, provides a thorough treatment of economic welfare theory and develops a complete theoretical and empirical framework for applied project and policy evaluation. The authors illustrate how this theory can be used to develop policy analysis from both theory and estimation in a variety of areas including: international trade, the economics of technological change, agricultural economics, the economics of information, environmental economics, and the economics of extractive and renewable natural resources. Building on willingness-to-pay (WTP) measures as the foundation for applied welfare economics, the authors develop measures for firms and households where households are viewed as both consumers and owner/sellers of resources. Possibilities are presented for (1) approximating WTP with consumer surplus, (2) measuring WTP exactly subject to errors in existing econometric work, and (3) using duality theory to specify econometric equations consistent with theory. Later chapters cover specific areas of welfare measurement under imperfect competition, uncertainty, incomplete information, externalities, and dynamic considerations. Applications are considered explicitly for policy issues related to information, international trade, the environment, agriculture, and other natural resource issues. The Welfare Economics of Public Policy is ideal for graduate and undergraduate courses in applied welfare economics, public policy, agricultural policy, and environmental economi
Book Synopsis Welfare Economics and the Theory of Second Best by : OTTO A. DAVIS
Download or read book Welfare Economics and the Theory of Second Best written by OTTO A. DAVIS and published by . This book was released on 1962 with total page 1 pages. Available in PDF, EPUB and Kindle. Book excerpt: Conditions are demonstrated under which a violation of one Pareto condition means that it is socially desirable that certain other of the Paretian conditions be violated. The commonly held interpretation of the Lipsey-Lancasterassified report DESCRIPTORS: *Economics, Theory, Mathematical analysis, Functions, Partial differential equations, Decision making. Identifiers: Pareto condition (Economics), Theory of second best, Welfare economics. Conditions are demonstrated under which a violation of one Pareto condition means that it is socially desirable that certain other of the Paretian conditions be violated. The commonly held interpretation of the Lipsey-Lancaster theorem - that a violation of one Pareto condition means that none of the remaining Pareto conditions is desirable - is dispelled. The approach is somewhat similar to that used by Lipsey and Lancaster in that the method of maximinization subject to constraints is used. It is demonstrated that the Lipsey-Lancaster formulation of the second-best problem introduces extraneous considerations, does not provide adequate 'guidelines' for policy applications, and leads, at the very best, to misinterpretations of the meaning of their theorem. (Author).
Download or read book Welfare Economics written by Yew-Kwang Ng and published by London : Macmillan. This book was released on 1979 with total page 332 pages. Available in PDF, EPUB and Kindle. Book excerpt:
