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
Edited by Richard E. Just, Distinguished University Professor, University of Maryland, College Park, US, Darrell L. Hueth, Emeritus Professor, University of Maryland, US and Andrew Schmitz, Professor and Ben Hill Griffin, Jr. Endowed Chair, University of Florida, Research Professor, University of California, Berkeley, US and Adjunct Professor, University of Saskatchewan, Canada
'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
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