Welfare Economics Of The Second Best
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Welfare Economics Of The Second Best
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Author : Christian Seidl
language : en
Publisher: Springer Verlag Wien
Release Date : 1986-01-01
Welfare Economics Of The Second Best written by Christian Seidl and has been published by Springer Verlag Wien this book supported file pdf, txt, epub, kindle and other format this book has been release on 1986-01-01 with Business & Economics categories.
Welfare Economics And Second Best Theory
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Author : Richard S. Markovits
language : en
Publisher: Springer Nature
Release Date : 2020-05-30
Welfare Economics And Second Best Theory written by Richard S. Markovits and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-05-30 with Business & Economics categories.
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 conduct’s/policy’s impact on the distortion that the economy’s 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.
Welfare Economics And Second Best Theory
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Author : Richard E. Wagner
language : en
Publisher:
Release Date : 2014
Welfare Economics And Second Best Theory written by Richard E. Wagner 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.
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.
Welfare Economics And Social Choice Theory
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Author : Allan M. Feldman
language : en
Publisher: Springer Science & Business Media
Release Date : 2006-06-14
Welfare Economics And Social Choice Theory written by Allan M. Feldman and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-06-14 with Business & Economics categories.
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.
Welfare Economics
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Author : Roger A. McCain
language : en
Publisher: Routledge
Release Date : 2019-05-09
Welfare Economics written by Roger A. McCain and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-05-09 with Business & Economics categories.
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.
Welfare Economics
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Author : Bhaskar Dutta
language : en
Publisher: Oxford University Press, USA
Release Date : 1998
Welfare Economics written by Bhaskar Dutta and has been published by Oxford University Press, USA this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with Business & Economics categories.
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.
Welfare Economics And The Theory Of Second Best
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Author : Otto A. Davis
language : en
Publisher:
Release Date : 1965
Welfare Economics And The Theory Of Second Best written by Otto A. Davis and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1965 with categories.
Welfare Economics
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Author : Y. Ng
language : en
Publisher: Springer
Release Date : 2003-12-19
Welfare Economics written by Y. Ng and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-12-19 with Business & Economics categories.
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.
Household And Economy
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Author : Marc Nerlove
language : en
Publisher: Academic Press
Release Date : 2014-05-10
Household And Economy written by Marc Nerlove and has been published by Academic Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-05-10 with Business & Economics categories.
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.
Welfare Economics And The Theory Of Second Best
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Author : OTTO A. DAVIS
language : en
Publisher:
Release Date : 1962
Welfare Economics And The Theory Of Second Best written by OTTO A. DAVIS and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1962 with categories.
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).