The Optimality Of Arbitrary Partial Equilibrium Welfare Analysis
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The Optimality Of Arbitrary Partial Equilibrium Welfare Analysis
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Author : Marc Duhamel
language : en
Publisher:
Release Date : 2006
The Optimality Of Arbitrary Partial Equilibrium Welfare Analysis written by Marc Duhamel and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.
This paper characterizes the general equilibrium foundation of arbitrary partial equilibrium welfare analysis in second-best economies. While prior theory recognizes the importance of market distortions affected by relative price changes, it offers little guidance about the necessary scope of Marshallian partial equilibrium analysis. The paper determines necessary and sufficient conditions for optima of Marshallian total surplus functions to characterize second-best Pareto-optimal allocations. While these conditions confirm much of the traditional approach to applied welfare economics, they bring doubt about its reliability for public policy and concerns over its systematic use to build conventional economic wisdom.
General Equilibrium Foundation Of Partial Equilibrium Analysis
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Author : Takashi Hayashi
language : en
Publisher: Springer
Release Date : 2017-07-27
General Equilibrium Foundation Of Partial Equilibrium Analysis written by Takashi Hayashi and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-07-27 with Business & Economics categories.
This book addresses the gaps in undergraduate teaching of partial equilibrium analysis, providing a general equilibrium viewpoint to illustrate the assumptions underlying partial equilibrium welfare analysis. It remains unexplained, at least at the level of general economics teaching, in what sense partial equilibrium analysis is indeed a part of general equilibrium analysis. Partial equilibrium welfare analysis isolates a market for a single commodity from the rest of the economy, presuming that other things remain equal, and measures gains and losses by means of consumer surplus. This is a money metric that is supposed to be summable across individuals, recommending policy that maximizes the social surplus. But what justifies such apparently uni-dimensional practise? Within a general equilibrium framework, the assumption of no income effect is presented as the key condition, and substantive general equilibrium situations in which the condition emerges are presented. The analysis is extended to the case of uncertainty, in which the practice adopts aggregate expected consumer surplus, and scrutinizes when such practice is justified. Finally, the book illustrates partial equilibrium as an institutional artifact, meaning that institutional constraint induces individuals to behave as if they are in partial equilibrium. This volume forms an important contribution to the literature by researching why this disparity persists and the implications for economics education.
Partial Equilibrium Welfare Analysis
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Author : Charles Blackorby
language : en
Publisher:
Release Date : 1998
Partial Equilibrium Welfare Analysis written by Charles Blackorby and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with categories.
A Graphical Depiction Of Hicksian Partial Equilibrium Welfare Analysis
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Author : Keir G. Armstrong
language : en
Publisher:
Release Date : 2004
A Graphical Depiction Of Hicksian Partial Equilibrium Welfare Analysis written by Keir G. Armstrong and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Welfare economics categories.
General Equilibrium And Welfare
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Author : John Creedy
language : en
Publisher: Edward Elgar Publishing
Release Date : 1996
General Equilibrium And Welfare written by John Creedy and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with Business & Economics categories.
Creedy (economics, U. of Melbourne) provides an accessible introduction to general equilibrium analysis and associated welfare economics using a simple two-sector model and only diagrams and simple mathematics. He describes the utility, non- utility, and welfare analysis of exchange with price-taking; trading at disequilibrium prices, the role of the number of traders, and bargaining solutions of exchange without price- taking; and the construction and solution of the two-sector model. Annotation copyright by Book News, Inc., Portland, OR
Industrial Organization In Canada
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Author : Zhiqi Chen
language : en
Publisher: McGill-Queen's Press - MQUP
Release Date : 2011-02-08
Industrial Organization In Canada written by Zhiqi Chen and has been published by McGill-Queen's Press - MQUP this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-02-08 with Business & Economics categories.
Using state-of-the-art empirical techniques, contributors address the policy challenges raised by globalization, the internet and other technological advances, innovation, and the rise of security measures in response to the 9/11 terrorist attacks. Chapters are organized around five themes: recent developments and policy challenges, Canadian firms in the information age, research and development and innovation, regulation and industrial performance, and securing trade and investment opportunities. The only substantive research volume on this subject in two decades, Industrial Organization in Canada is a welcome resource for policy makers, researchers, and academics concerned with industrial policy issues in contemporary Canada. Contributors include Ajay Agrawal (University of Toronto), Doug Allen (Simon Fraser University), Werner Antweiler (University of British Columbia), John Baldwin (Statistics Canada), Zhiqi Chen (Carleton University), Jean-Étienne de Bettignies (Queen's University), Marc Duhamel (Industry Canada), James Gaisford (University of Calgary), Avi Goldfarb (University of Toronto), Wulong Gu (Statistics Canada), Kathryn Harrison (University of British Columbia), Patrick Joly (Industry Canada), William Kerr (University of Saskatchewan), Kevin Koch (PricewaterhouseCoopers), Donald G. McFetridge (Carleton University), Peter W. B. Phillips (University of Saskatchewan), Mohammed Rafiquzzaman (Industry Canada), Someshwar Rao (Institute for Research on Public Policy), Thomas W. Ross (University of British Columbia), Camille Ryan (University of Saskatchewan), Michel Sabbagh (Industry Canada), Guofu Tan (University of Southern California), Henry Thille (Guelph University), Johannes Van Biesebroeck (K.U. Leuven, Belgium), and Lasheng Yuan (University of Calgary).
Two Additions To Lucas S Inflation And Welfare
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Author : Rubens Penha Cysne
language : en
Publisher:
Release Date : 2014
Two Additions To Lucas S Inflation And Welfare written by Rubens Penha Cysne and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
This work adds to Lucas (2000) by providing analytical solutions to two problems that are solved only numerically by the author. The first part uses a theorem in control theory (Arrow's sufficiency theorem) to provide sufficiency conditions to characterize the optimum in a shopping-time problem where the value function need not be concave. In the original paper the optimality of the first-order condition is characterized only by means of a numerical analysis. The second part of the paper provides a closed-form solution to the general equilibrium expression of the welfare costs of inflation when the money demand is double logarithmic. This closed-form solution allows for the precise calculation of the difference between the general-equilibrium and Bailey's partial-equilibrium estimates of the welfare losses due to inflation. Again, in Lucas is original paper, the solution to the general-equilibrium-case underlying nonlinear differential equation is done only numerically, and the posterior assertion that the general equilibrium welfare figures cannot be distinguished from those derived using Bailey's formula rely only on numerical simulations as well.
Fundamentals Of General Equilibrium Analysis
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Author : Takashi Suzuki
language : en
Publisher: World Scientific
Release Date : 2020-09-03
Fundamentals Of General Equilibrium Analysis written by Takashi Suzuki and has been published by World Scientific this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-09-03 with Business & Economics categories.
The aim of this book is to incorporate Marshallian ideas such as external increasing returns and monopolistic competitions into the general equilibrium framework of Walrasian tradition. New chapters and sections have been added to this revised and expanded edition of General Equilibrium Analysis of Production and Increasing Returns (World Scientific, 2009).The new material includes a presentation of equilibrium existence and core equivalence theorems for an infinite horizon economy with a measure space of consumers. These results are currently the focus of extensive studies by mathematical theorists, and are obtained by an application of an advanced mathematical concept called saturated (super-atomless) measure space.The second major change is the inclusion of a simple toy model of a liberal society which implements the difference principle proposed by J Rawls as a principle of distributive justice. This new section opens up a possibility to connect theoretical economics and political philosophy.Thirdly, the author presents the marginal cost pricing equilibrium and discusses welfare properties of the external increasing returns, which also belong to Marshall/ Pigou tradition of the Cambridge school.Finally, a new mathematical appendix treats basics of singular homology theory. Although the fixed point theorem is originally a theorem of algebraic topology, most economic students know its proof only in the context of the differentiable manifold theory presented by J Milnor. Considering the significance of the fixed point theorem and its playing a key role in general equilibrium theory, the purpose of this new appendix is to provide readers with the idea of a proof of Brower's fixed point theorem from the 'right place'.This volume will be helpful for graduate students and researchers of mathematical economics, game theory, and microeconomics.
A General Equilibrium Model For Tax Policy Evaluation
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Author : Charles L. Ballard
language : en
Publisher: University of Chicago Press
Release Date : 2009-05-15
A General Equilibrium Model For Tax Policy Evaluation written by Charles L. Ballard and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-05-15 with Business & Economics categories.
This book reports the authors' research on one of the most sophisticated general equilibrium models designed for tax policy analysis. Significantly disaggregated and incorporating the complete array of federal, state, and local taxes, the model represents the U.S. economy and tax system in a large computer package. The authors consider modifications of the tax system, including those being raised in current policy debates, such as consumption-based taxes and integration of the corporate and personal income tax systems. A counterfactual economy associated with each of these alternatives is generated, and the possible outcomes are compared.
Applied Welfare Economics
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Author : Massimo Florio
language : en
Publisher: Routledge
Release Date : 2014-02-05
Applied Welfare Economics written by Massimo Florio and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-02-05 with Business & Economics categories.
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.