Welfare Economics And Second Best Theory PDF Download
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| Author | : Richard S. Markovits |
| Publisher | : Springer Nature |
| Total Pages | : 368 |
| Release | : 2020-05-30 |
| Genre | : Business & Economics |
| ISBN | : 3030433609 |
Download Welfare Economics and Second-Best Theory Book in PDF, ePub and Kindle
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.
| Author | : Richard E. Wagner |
| Publisher | : |
| Total Pages | : 0 |
| Release | : 2014 |
| Genre | : |
| ISBN | : |
Download Welfare Economics and Second-Best Theory Book in PDF, ePub and Kindle
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.
| Author | : Allan M. Feldman |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 401 |
| Release | : 2006-06-14 |
| Genre | : Business & Economics |
| ISBN | : 038729368X |
Download Welfare Economics and Social Choice Theory Book in PDF, ePub and Kindle
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.
| Author | : Otto A. Davis |
| Publisher | : |
| Total Pages | : 14 |
| Release | : 1965 |
| Genre | : |
| ISBN | : |
Download Welfare Economics and the Theory of Second Best Book in PDF, ePub and Kindle
| Author | : Christian Seidl |
| Publisher | : Springer Verlag Wien |
| Total Pages | : 280 |
| Release | : 1986-01-01 |
| Genre | : Business & Economics |
| ISBN | : 9783211819425 |
Download Welfare Economics of the Second Best Book in PDF, ePub and Kindle
| Author | : A.M. Feldman |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 238 |
| Release | : 2012-12-06 |
| Genre | : Business & Economics |
| ISBN | : 1461581419 |
Download Welfare Economics and Social Choice Theory Book in PDF, ePub and Kindle
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.
| Author | : Marc Nerlove |
| Publisher | : Academic Press |
| Total Pages | : 174 |
| Release | : 2014-05-10 |
| Genre | : Business & Economics |
| ISBN | : 1483274683 |
Download Household and Economy Book in PDF, ePub and Kindle
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.
| Author | : John Leach |
| Publisher | : Cambridge University Press |
| Total Pages | : 444 |
| Release | : 2004 |
| Genre | : Business & Economics |
| ISBN | : 9780521535670 |
Download A Course in Public Economics Book in PDF, ePub and Kindle
This 2004 textbook explores how markets operate and governments' roles in addressing market failures.
| Author | : Catherine M. Price |
| Publisher | : MacMillan Publishing Company |
| Total Pages | : 192 |
| Release | : 1977 |
| Genre | : Business & Economics |
| ISBN | : |
Download Welfare Economics in Theory and Practice Book in PDF, ePub and Kindle
| Author | : Marc Fleurbaey |
| Publisher | : Springer Nature |
| Total Pages | : 334 |
| Release | : 2021-03-30 |
| Genre | : Business & Economics |
| ISBN | : 3030627691 |
Download Conversations on Social Choice and Welfare Theory - Vol. 1 Book in PDF, ePub and Kindle
This volume presents interviews that have been conducted from the 1980s to the present with important scholars of social choice and welfare theory. Starting with a brief history of social choice and welfare theory written by the book editors, it features 15 conversations with four Nobel Laureates and other key scholars in the discipline. The volume is divided into two parts. The first part presents four conversations with the founding fathers of modern social choice and welfare theory: Kenneth Arrow, John Harsanyi, Paul Samuelson, and Amartya Sen. The second part includes conversations with scholars who made important contributions to the discipline from the early 1970s onwards. This book will appeal to anyone interested in the history of economics, and the history of social choice and welfare theory in particular.
