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Applied Welfare Economics
The practical value of intuitive insights provided by innovative scholars drives much of the current development in applied welfare economics. This authoritative volume – prepared by leading researchers in the field – presents the most important articles that provide a foundation for applied welfare economic practices. It also includes those major papers that develop the methodology of applied economic welfare measurement alongside applications in the fields of welfare work. This landmark book will provide students and scholars with a convenient source of reference to the foundations of applied welfare economics.
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Critical Acclaim
Contributors
Contents
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The practical value of intuitive insights provided by innovative scholars in the past drives much of the current development in applied welfare economics. This single volume 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 most exemplary applications in the fields of welfare work. This indispensable book is designed to provide students and scholars with a convenient single source of the essential foundations in applied welfare economics.
Critical Acclaim
‘From the authors of the “bible” of applied welfare analysis we now have the definitive collection of the seminal papers in the field. This book is a highly valuable reference for economists and policy analysts with a serious interest in the theory and application of welfare analysis in all areas of economics and public policy.’
– Catherine L. Kling, Iowa State University, US
‘In Applied Welfare Economics, the editors have done an outstanding job in putting together classical work that covers the gamut of welfare economics. The topics covered are extraordinarily comprehensive, ranging from theoretical inquiry to policy issues that are of substantial contemporary interest. This work can serve as a standard reference source for researchers, as well a primary or supplemental text for use in graduate courses that focus on issues related to welfare economics. I would highly recommend it for the reader concerned with theoretical and/or methodological issues in applied welfare economics.’
– Ronald Cummings, Georgia State University, US
– Catherine L. Kling, Iowa State University, US
‘In Applied Welfare Economics, the editors have done an outstanding job in putting together classical work that covers the gamut of welfare economics. The topics covered are extraordinarily comprehensive, ranging from theoretical inquiry to policy issues that are of substantial contemporary interest. This work can serve as a standard reference source for researchers, as well a primary or supplemental text for use in graduate courses that focus on issues related to welfare economics. I would highly recommend it for the reader concerned with theoretical and/or methodological issues in applied welfare economics.’
– Ronald Cummings, Georgia State University, US
Contributors
46 articles, dating from 1938 to 2007
Contributors include: F.M. Bator, D. Brewer, O.R. Burt, O.A. Davis, A.C. Harberger, H. Hotelling, K. Lancaster, R.G. Lipsey, K.-G. Mäler, A.B. Whinston
Contributors include: F.M. Bator, D. Brewer, O.R. Burt, O.A. Davis, A.C. Harberger, H. Hotelling, K. Lancaster, R.G. Lipsey, K.-G. Mäler, A.B. Whinston
Contents
Contents:
Acknowledgements
Introduction Richard E. Just, Darrell L. Hueth and Andrew Schmitz
PART I THE JUSTIFICATION FOR PUBLIC INTERVENTION
A Market Failure
1. Paul A. Samuelson (1954), ‘The Pure Theory of Public Expenditure’
2. Francis M. Bator (1958), ‘The Anatomy of Market Failure’
3. Kenneth J. Arrow (1970), ‘The Organization of Economic Activity: Issues Pertinent to the Choice of Market versus Nonmarket Allocation’
B Second Best
4. Richard G. Lipsey and Kelvin Lancaster (1997), ‘The General Theory of Second Best’
5. Otto A. Davis and Andrew B. Whinston (1965), ‘Welfare Economics and the Theory of Second Best’
PART II THEORETICAL FOUNDATIONS OF WELFARE MEASUREMENT
A Economic Surplus
6. J.R. Hicks (1943), ‘The Four Consumer’s Surpluses’
7. E.J. Mishan (1959), ‘Rent as a Measure of Welfare Change’
8. John Martin Currie, John A. Murphy and Andrew Schmitz (1971), ‘The Concept of Economic Surplus and Its Use in Economic Analysis’
9. Arnold C. Harberger (1971), ‘Three Basic Postulates for Applied Welfare Economics: An Interpretive Essay’
B Compensation Criteria
10. Harold Hotelling (1938), ‘The General Welfare in Relation to Problems of Taxation and of Railway and Utility Rates’
11. Nicholas Kaldor (1939), ‘Welfare Propositions of Economics and Interpersonal Comparisons of Utility’
12. J.R. Hicks (1939), ‘The Foundations of Welfare Economics’
13. T. de Scitovszky (1941), ‘A Note on Welfare Propositions in Economics’
14. Paul A. Samuelson (1950), ‘Evaluation of Real National Income’
PART III METHODOLOGICAL FOUNDATIONS OF WELFARE MEASUREMENT
15. Paul A. Samuelson (1942), ‘Constancy of the Marginal Utility of Income’
16. Eugene Silberberg (1972), ‘Duality and the Many Consumer’s Surpluses’
17. Robert D. Willig (1976), ‘Consumer’s Surplus Without Apology’
18. Alan Randall and John R. Stoll (1980), ‘Consumer’s Surplus in Commodity Space’
19. Jerry A. Hausman (1981), ‘Exact Consumer’s Surplus and Deadweight Loss’
20. Yrjö O. Vartia (1983), ‘Efficient Methods of Measuring Welfare Change and Compensated Income in Terms of Ordinary Demand Functions’
PART IV INCOME DISTRIBUTIONAL CONSIDERATIONS IN WELFARE MEASUREMENT
21. Andrew Schmitz and David Seckler (1970), ‘Mechanized Agriculture and Social Welfare: The Case of the Tomato Harvester’
22. Bruce Gardner (1983), ‘Efficient Redistribution through Commodity Markets’
PART V DIMENSIONS OF PUBLIC POLICY EVALUATION
A Welfare Economics of Market Power
23. Keith Cowling and Dennis C. Mueller (1978), ‘The Social Costs of Monopoly Power’
24. Richard E. Just, Andrew Schmitz and David Zilberman (1979), ‘Price Controls and Optimal Export Policies under Alternative Market Structures’
B Multimarket Equilibrium Welfare Measurement
25. Richard E. Just and Darrell L. Hueth (1979), ‘Welfare Measures in a Multimarket Framework’
26. Walter N. Thurman and J.E. Easley, Jr. (1992), ‘Valuing Changes in Commercial Fishery Harvests: A General Equilibrium Derived Demand Analysis’
27. Runar Brännlund and Bengt Kriström (1996), ‘Welfare Measurement in Single and Multimarket Models: Theory and Application’
28. Ian W.H. Parry (1995), ‘Pollution Taxes and Revenue Recycling’
C Welfare Measurement with Risk and Uncertainty
29. Benton F. Massell (1969), ‘Price Stabilization and Welfare’
30. Daniel A. Graham (1981), ‘Cost-Benefit Analysis under Uncertainty’
31. Rulon Pope, Jean-Paul Chavas and Richard Just (1983), ‘Economic Welfare Evaluations for Producers under Uncertainty’
32. Kenneth J. Arrow and Robert C. Lind (1970), ‘Uncertainty and the Evaluation of Public Investment Decisions’
D Welfare Effects of Information and Advertising
33. Joseph E. Stiglitz (1985), ‘Information and Economic Analysis: A Perspective’
34. William Foster and Richard E. Just (1989), ‘Measuring Welfare Effects of Product Contamination with Consumer Uncertainty’
35. Gary S. Becker and Kevin M. Murphy (1993), ‘A Simple Theory of Advertising as a Good or Bad’
E Non-market Welfare Measurement
36. Harold Hotelling (1947), ‘Letter to the National Park Service’
37. Oscar R. Burt and Durward Brewer (1971), ‘Estimation of Net Social Benefits from Outdoor Recreation’
38. Karl-Göran Mäler (1971), ‘A Method of Estimating Social Benefits from Pollution Control’
39. Nancy E. Bockstael and Kenneth E. McConnell (1983), ‘Welfare Measurement in the Household Production Framework’
40. Nancy E. Bockstael and Catherine L. Kling (1988), ‘Valuing Environmental Quality: Weak Complementarity with Sets of Goods’
41. Timothy J. Bartik (1988), ‘Measuring the Benefits of Amenity Improvements in Hedonic Price Models’
42. Alan Randall, Berry Ives and Clyde Eastman (1974), ‘Bidding Games for Valuation of Aesthetic Environmental Improvement’
43. W. Michael Hanemann (1999), ‘Welfare Analysis with Discrete Choice Models’
PART VI REFLECTIONS
44. John V. Krutilla (1981), ‘Reflections of an Applied Welfare Economist’
45. W. Michael Hanemann (1992), ‘Preface’
46. Richard G. Lipsey (2007), ‘Reflections on the General Theory of Second Best at its Golden Jubilee’
Name Index
Acknowledgements
Introduction Richard E. Just, Darrell L. Hueth and Andrew Schmitz
PART I THE JUSTIFICATION FOR PUBLIC INTERVENTION
A Market Failure
1. Paul A. Samuelson (1954), ‘The Pure Theory of Public Expenditure’
2. Francis M. Bator (1958), ‘The Anatomy of Market Failure’
3. Kenneth J. Arrow (1970), ‘The Organization of Economic Activity: Issues Pertinent to the Choice of Market versus Nonmarket Allocation’
B Second Best
4. Richard G. Lipsey and Kelvin Lancaster (1997), ‘The General Theory of Second Best’
5. Otto A. Davis and Andrew B. Whinston (1965), ‘Welfare Economics and the Theory of Second Best’
PART II THEORETICAL FOUNDATIONS OF WELFARE MEASUREMENT
A Economic Surplus
6. J.R. Hicks (1943), ‘The Four Consumer’s Surpluses’
7. E.J. Mishan (1959), ‘Rent as a Measure of Welfare Change’
8. John Martin Currie, John A. Murphy and Andrew Schmitz (1971), ‘The Concept of Economic Surplus and Its Use in Economic Analysis’
9. Arnold C. Harberger (1971), ‘Three Basic Postulates for Applied Welfare Economics: An Interpretive Essay’
B Compensation Criteria
10. Harold Hotelling (1938), ‘The General Welfare in Relation to Problems of Taxation and of Railway and Utility Rates’
11. Nicholas Kaldor (1939), ‘Welfare Propositions of Economics and Interpersonal Comparisons of Utility’
12. J.R. Hicks (1939), ‘The Foundations of Welfare Economics’
13. T. de Scitovszky (1941), ‘A Note on Welfare Propositions in Economics’
14. Paul A. Samuelson (1950), ‘Evaluation of Real National Income’
PART III METHODOLOGICAL FOUNDATIONS OF WELFARE MEASUREMENT
15. Paul A. Samuelson (1942), ‘Constancy of the Marginal Utility of Income’
16. Eugene Silberberg (1972), ‘Duality and the Many Consumer’s Surpluses’
17. Robert D. Willig (1976), ‘Consumer’s Surplus Without Apology’
18. Alan Randall and John R. Stoll (1980), ‘Consumer’s Surplus in Commodity Space’
19. Jerry A. Hausman (1981), ‘Exact Consumer’s Surplus and Deadweight Loss’
20. Yrjö O. Vartia (1983), ‘Efficient Methods of Measuring Welfare Change and Compensated Income in Terms of Ordinary Demand Functions’
PART IV INCOME DISTRIBUTIONAL CONSIDERATIONS IN WELFARE MEASUREMENT
21. Andrew Schmitz and David Seckler (1970), ‘Mechanized Agriculture and Social Welfare: The Case of the Tomato Harvester’
22. Bruce Gardner (1983), ‘Efficient Redistribution through Commodity Markets’
PART V DIMENSIONS OF PUBLIC POLICY EVALUATION
A Welfare Economics of Market Power
23. Keith Cowling and Dennis C. Mueller (1978), ‘The Social Costs of Monopoly Power’
24. Richard E. Just, Andrew Schmitz and David Zilberman (1979), ‘Price Controls and Optimal Export Policies under Alternative Market Structures’
B Multimarket Equilibrium Welfare Measurement
25. Richard E. Just and Darrell L. Hueth (1979), ‘Welfare Measures in a Multimarket Framework’
26. Walter N. Thurman and J.E. Easley, Jr. (1992), ‘Valuing Changes in Commercial Fishery Harvests: A General Equilibrium Derived Demand Analysis’
27. Runar Brännlund and Bengt Kriström (1996), ‘Welfare Measurement in Single and Multimarket Models: Theory and Application’
28. Ian W.H. Parry (1995), ‘Pollution Taxes and Revenue Recycling’
C Welfare Measurement with Risk and Uncertainty
29. Benton F. Massell (1969), ‘Price Stabilization and Welfare’
30. Daniel A. Graham (1981), ‘Cost-Benefit Analysis under Uncertainty’
31. Rulon Pope, Jean-Paul Chavas and Richard Just (1983), ‘Economic Welfare Evaluations for Producers under Uncertainty’
32. Kenneth J. Arrow and Robert C. Lind (1970), ‘Uncertainty and the Evaluation of Public Investment Decisions’
D Welfare Effects of Information and Advertising
33. Joseph E. Stiglitz (1985), ‘Information and Economic Analysis: A Perspective’
34. William Foster and Richard E. Just (1989), ‘Measuring Welfare Effects of Product Contamination with Consumer Uncertainty’
35. Gary S. Becker and Kevin M. Murphy (1993), ‘A Simple Theory of Advertising as a Good or Bad’
E Non-market Welfare Measurement
36. Harold Hotelling (1947), ‘Letter to the National Park Service’
37. Oscar R. Burt and Durward Brewer (1971), ‘Estimation of Net Social Benefits from Outdoor Recreation’
38. Karl-Göran Mäler (1971), ‘A Method of Estimating Social Benefits from Pollution Control’
39. Nancy E. Bockstael and Kenneth E. McConnell (1983), ‘Welfare Measurement in the Household Production Framework’
40. Nancy E. Bockstael and Catherine L. Kling (1988), ‘Valuing Environmental Quality: Weak Complementarity with Sets of Goods’
41. Timothy J. Bartik (1988), ‘Measuring the Benefits of Amenity Improvements in Hedonic Price Models’
42. Alan Randall, Berry Ives and Clyde Eastman (1974), ‘Bidding Games for Valuation of Aesthetic Environmental Improvement’
43. W. Michael Hanemann (1999), ‘Welfare Analysis with Discrete Choice Models’
PART VI REFLECTIONS
44. John V. Krutilla (1981), ‘Reflections of an Applied Welfare Economist’
45. W. Michael Hanemann (1992), ‘Preface’
46. Richard G. Lipsey (2007), ‘Reflections on the General Theory of Second Best at its Golden Jubilee’
Name Index