Welfare Economics and Social Choice Theory (Google eBook)

Front Cover
Springer Science & Business Media, Jun 14, 2006 - Political Science - 416 pages
0 Reviews
Welfare economics, and social choice theory, are disciplines that blend economics, ethics, political science, and mathematics. Welfare Economics and Social Choice Theory, 2nd Edition, include models of economic exchange and production, uncertainty, optimality, public goods, social improvement criteria, life and death choices, majority voting, Arrow’s theorem, and theories of implementation and mechanism design. Our goal is to make value judgments about economic and political mechanisms: For instance, does the competitive market produce distributions of products and services that are good or bad for society? Does majority voting produce good or bad outcomes? How can we design tax mechanisms that result in efficient amounts of public goods being produced? We have attempted, in this book, to minimize mathematical obstacles, and to make this field accessible to undergraduate and graduate students and the interested non-expert.
  

What people are saying - Write a review

We haven't found any reviews in the usual places.

Contents

The Concerns of Welfare Economics
2
Practical Concerns of Welfare Economics and Social Choice
8
BARTER EXCHANGE
33
WELFARE PROPERTIES OF MARKET EXCHANGE 51
50
WELFARE PROPERTIES OF JUNGLE EXCHANGE
79
ECONOMIES WITH PRODUCTION
93
UNCERTAINTY IN EXCHANGE 119
118
12
141
LIFE AND DEATH CHOICES
229
Economic Model The Money Value of a Life
230
A Formal Version of the Economic Model
231
The Broome Paradox
234
ExAnte and ExPost
235
Problems With Utilitarian Mesures of Life Death Choices
238
The Pareto Principle and Extended Pareto Principles
243
Whats Repugnant About the Repugnant Conclusion?
246

EXTERNALITIES
143
PUBLIC GOODS
161
COMPENSATION CRITERIA 195
194
The Samuelson Criterion
202
Compensation Criteria in Exchange Economies
204
Consumers Surplus Money Metrics
206
Consumers Surplus Boadway Paradox
208
Quasilinear Utility
210
Cost Benefit Analysis With One Good
213
Exercises
214
Selected References
215
FAIRNESS AND THE RAWLS CRITERION
217
Fairness
218
The Rawls Criterion
221
Exercises
225
Selected References
226
Conclusions About Life and Death Choices
247
Exercises
248
MAJORITY VOTING 253
252
The Majority Voting Criterion
254
Majority Voting and SinglePeakedness
256
The Multidimensional Case
263
Multidimensional Voting Are the Cycles That Bad?
268
Exercises
270
ARROWS IMPOSSIBILITY THEOREM
275
CCJlO3lDi
321
BAYESIAN IMPLEMENTATION 345
344
EPILOGUE
363
SOLUTIONS TO EXERCISES 371
370
Index
399
Copyright

Common terms and phrases

About the author (2006)

Allan M. Feldman is Professor Emeritus of Economics at Brown University. His research has appeared in the Review of Economic Studies, Econometrica, the American Economic Review, Public Choice, the Journal of Economic Theory, the American Law and Economics Review and other journals. He is co-author (with Roberto Serrano) of Welfare Economics and Social Choice Theory, 2nd edition (2006). Professor Feldman taught economics at Brown University for thirty-eight years, including the intermediate microeconomics course. He was director of undergraduate studies in the Economics Department at Brown for nearly fifteen years.

Roberto Serrano is Harrison S. Kravis University Professor at Brown University, Rhode Island, and Research Associate at the Madrid Institute for Advanced Studies, Spain. He has contributed to different areas in microeconomic theory and game theory and his research has been published in leading journals including Econometrica, the Journal of Political Economy, the Review of Economic Studies, the Journal of Economic Theory, Games and Economic Behavior and the SIAM Review. He has received prestigious fellowships and prizes, including the Alfred P. Sloan Foundation Fellowship in 1988 and the Fundaci n Banco Herrero Prize in 2004, awarded to the best Spanish economist under forty. He is managing editor of Economics Letters and the associate editor of the International Journal of Game Theory and Mathematical Social Sciences. At Brown, he was director of graduate studies from 2006 to 2012 and has served as economics department chair since 2010.

Bibliographic information