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Foundations Of Welfare Economics And Product Market Applications
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Book Synopsis Foundations of Welfare Economics and Product Market Applications by : Daniel McFadden
Download or read book Foundations of Welfare Economics and Product Market Applications written by Daniel McFadden and published by . This book was released on 2017 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: A common problem in applied economics is to determine the impact on consumers of changes in prices and attributes of marketed products as a consequence of policy changes. Examples are prospective regulation of product safety and reliability, or retrospective compensation for harm from defective products or misrepresentation of product features. This paper reexamines the foundations of welfare analysis for these applications. We consider discrete product choice, and develop practical formulas that apply when discrete product demands are characterized by mixed multinomial logit models and policy changes affect hedonic attributes of products in addition to price. We show that for applications that are retrospective, or are prospective but compensating transfers are hypothetical rather than fulfilled, a Market Compensating Equivalent measure that updates Marshallian consumer surplus is more appropriate than Hicksian compensating or equivalent variations. We identify the welfare questions that can be answered in the presence of partial observability on the preferences of individual consumers. We examine the welfare calculus when the experienced-utility of consumers differs from the decision-utility that determines market demands, as the result of resolution of contingencies regarding attributes of products and interactions with consumer needs, or as the result of inconsistencies in tastes and incomplete optimizing behavior. We conclude with an illustrative application that calculates the welfare impacts of unauthorized sharing of consumer information by video streaming services.
Book Synopsis Economic Welfare Analysis by : Stephen L. Haley
Download or read book Economic Welfare Analysis written by Stephen L. Haley and published by . This book was released on 1988 with total page 60 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
Author :National Bureau of Economic Research Publisher :Princeton University Press ISBN 13 :1400879760 Total Pages :647 pages Book Rating :4.4/5 (8 download)
Book Synopsis The Rate and Direction of Inventive Activity by : National Bureau of Economic Research
Download or read book The Rate and Direction of Inventive Activity written by National Bureau of Economic Research and published by Princeton University Press. This book was released on 2015-12-08 with total page 647 pages. Available in PDF, EPUB and Kindle. Book excerpt: The papers here range from description and analysis of how our political economy allocates its inventive effort, to studies of the decision making process in specific industrial laboratories. Originally published in 1962. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.
Book Synopsis The Economics of Welfare by : Arthur Cecil Pigou
Download or read book The Economics of Welfare written by Arthur Cecil Pigou and published by Transaction Publishers. This book was released on 2000 with total page 948 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 The Economics of Welfare by : Arthur Pigou
Download or read book The Economics of Welfare written by Arthur Pigou and published by Routledge. This book was released on 2017-10-24 with total page 1033 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Economics of Welfare occupies a privileged position in economics. It contributed to the professionalization of economics, a goal aggressively and effectively pursued by Pigou's predecessor and teacher Alfred Marshall. The Economics of Welfare also may be credited with establishing welfare economics, by systematically analyzing market departures and their potential remedies. In writing The Economics of Welfare, Pigou built a bridge between the old and the new economics at Cambridge and in Britain. Much of the book remains relevant for contemporary economics. The list of his analyses that continues to play an important role in economics is impressive. Some of the more important include: public goods and externalities, welfare criteria, index number problems, price discrimination, the theory of the firm, the structure of relief programs for the poor, and public finance. Pigou's discussion of the institutional structure governing labor-market operations in his Wealth and Welfare prompted Schumpeter to call the work "the greatest venture in labor economics ever undertaken by a man who was primarily a theorist." The Economics of Welfare established welfare economics as a field of study. The first part analyzes the relationship between the national dividend and economic and total welfare. Parts II and III link the size of the dividend to the allocation of resources in the economy and the institutional structure governing labor-market operations. Part IV explores the relationship between the national dividend and its distribution. In her new introduction, Nahid Aslanbeigui discusses the life of Pigou and the history of The Economics of Welfare. She also discusses Pigou's theories as expressed in this volume and some of the criticisms those theories have met as well as the impact of those criticisms. The Economics of Welfare is a classic that repays careful study.
Book Synopsis Quiet Revolution in Welfare Economics by : Michael Albert
Download or read book Quiet Revolution in Welfare Economics written by Michael Albert and published by Princeton University Press. This book was released on 2017-03-14 with total page 455 pages. Available in PDF, EPUB and Kindle. Book excerpt: This ambitious work presents a critique of traditional welfare theory and proposes a new approach to it. Radical economists Robin Hahnel and Michael Albert argue that an improved theory of social welfare can consolidate and extend recent advances in microeconomic theory, and generate exciting new results as well. The authors show that once the traditional "welfare paradigm" is appropriately modified, a revitalized welfare theory can clarify the relationship between individual and social rationalitya task that continues to be of interest to mainstream and nonmainstream economists alike. Hahnel and Albert show how recent work in the theory of the labor process, externalities, public goods, and endogenous preferences can advance research in welfare theory. In a series of important theorems, the authors extend the concept of Pareto optimality to dynamic contexts with changing preferences and thus highlight the importance of institutional bias. This discussion provides the basis for further analysis of the properties and consequences of private and public enterprise and of markets and central planning. Not surprisingly, Hahnel and Albert reach a number of conclusions at odds with conventional wisdom. Originally published in 1990. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.
Book Synopsis The Welfare Economics of Markets, Voting and Predation by : Dan Usher
Download or read book The Welfare Economics of Markets, Voting and Predation written by Dan Usher and published by Manchester University Press. This book was released on 1992 with total page 520 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work dwells upon two themes, each of which differs from traditional welfare economics - predation or taking (as a source of inefficiency in the economy) and the tension between voting and markets as alternative methods of decision-making.
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 The Economics of Welfare by : Alfred C. Pigou
Download or read book The Economics of Welfare written by Alfred C. Pigou and published by Cosimo, Inc.. This book was released on 2006-10-01 with total page 429 pages. Available in PDF, EPUB and Kindle. Book excerpt: Welfare economics is a branch of economics using microeconomic techniques to simultaneously determine the efficiency of the overall economy and the income distribution consequences associated with it. As a British economist best known for his work in many fields and particularly in welfare economics, Pigou attended the prestigious Harrow School and was a graduate of King's College, Cambridge, where he studied under Alfred Marshall, famously known as the creator of "The Marshall Plan." Here in The Economics of Welfare, Pigou asserts that individuals are the best judges of their own welfare, that people will prefer greater welfare to less welfare, and that welfare can be adequately measured either in monetary terms or as a relative preference. Scholars and students of both economics and welfare policy will find Pigou's work a significant contribution to current debates on welfare policy directions. Included in Volume I: "Welfare and The National Dividend" and "The Size of The National Dividend and The Distribution of Resources Among Different Uses" ALSO AVAILABLE AT COSIMO CLASSICS: The Economics of Welfare: Volume II
Book Synopsis AN INTRODUCTION TO THE WELFARE ECONOMICS by : DR. SUBHASH
Download or read book AN INTRODUCTION TO THE WELFARE ECONOMICS written by DR. SUBHASH and published by RED'SHINE Publication. Pvt. Ltd. This book was released on 2018-12-19 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book could not have been possible without collaborative efforts and support of my colleagues at Dronacharya Govt. College Gurugram, Haryana, India. My special thanks to Prof. Bhup Singh, Head of the Dept., Sociology who always inspires me to do research work, papers presentation in seminars and writing of books/articles/papers etc. I am also very thankful to my colleagues and friends Dr. Sudhir Samantrai, Dr. Mool Chand, Ms. Nitasha Joon, Shri Sandeep Yadav, Dr. Sushil K. Saini, Dr. Karamvir, Dr. Garima Yadav, Sachin, Dr. Sunita who helped me directly or indirectly at many occasions in the college.
Book Synopsis Applied Welfare Economics by : Massimo Florio
Download or read book Applied Welfare Economics written by Massimo Florio and published by Routledge. This book was released on 2014-02-05 with total page 433 pages. Available in PDF, EPUB and Kindle. Book excerpt: What is the effect of a new infrastructure on the well-being of a local community? Is a tax reform desirable? Does the privatization of a telecommunication provider increase social welfare? To answer these questions governments and their policy advisors should have in mind an operative definition of social welfare, and cannot rely on simple official statistics, such as GDP. The price we observe are often misleading as welfare signals, and costs and benefits for the society should be based on ‘shadow prices’, revealing the social opportunity costs of goods and of changes of the world. This book explains how to apply these welfare economics ideas to the real world. After a theoretical discussion of the concept of social welfare, a critical analysis of the traditional doctrine of welfare economics embodied in the Two Fundamental Theorems, and a presentation of social cost-benefit analysis, the book introduce the readers to an applied framework. This includes the empirical estimation of shadow prices of goods, of the social cost of labour and capital, the assessment of risk. This book also includes the state of the art of international experience with CBA, including ex-post evaluation of major projects, economic rates of return in different sectors, and a case study on privatisation, is presented. This book offers a unique and original blend of theory, empirics and experience. The theoretical discussion clarifies why shadow prices are not virtual market equilibrium prices, as they arise as the solution of a planning problem, often with governments and economic agents constrained in their information and powers. The empirical chapters show how to compute proxies of the shadow prices in simple ways. The experience chapters draw from first hand research, gained by the Author and his collaborators over many years of advisory work for the European Commission and other international and national institutions.
Book Synopsis Applied Welfare Economics and Public Policy by : Richard E. Just
Download or read book Applied Welfare Economics and Public Policy written by Richard E. Just and published by Prentice Hall. This book was released on 1982 with total page 520 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Theories of Welfare Economics by : Hla Myint (U.)
Download or read book Theories of Welfare Economics written by Hla Myint (U.) and published by . This book was released on 1965 with total page 262 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Foundations of Welfare Economics by : John Hicks
Download or read book The Foundations of Welfare Economics written by John Hicks and published by . This book was released on 1939 with total page 712 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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.
