Title: The Welfare Economics of Public Policy: A Practical Approach to Project and Policy Evaluation
Publisher: Edward Elgar Publishing Ltd
Publication Date: 2005
Language: English
ISBN 10: 1845425782
ISBN 13: 9781845425784
Binding: Paperback / softback
Condition: New
Weight: 1232 grams

About this title

Synopsis

This outstanding text, a follow-up to the authors' award-winning 1982 text, provides a thorough treatment of economic welfare theory and develops a complete theoretical and empirical framework for applied project and policy evaluation. The authors illustrate how this theory can be used to develop policy analysis from both theory and estimation in a variety of areas including: international trade, the economics of technological change, agricultural economics, the economics of information, environmental economics, and the economics of extractive and renewable natural resources.

Building on willingness-to-pay (WTP) measures as the foundation for applied welfare economics, the authors develop measures for firms and households where households are viewed as both consumers and owner/sellers of resources. Possibilities are presented for (1) approximating WTP with consumer surplus, (2) measuring WTP exactly subject to errors in existing econometric work, and (3) using duality theory to specify econometric equations consistent with theory.

Later chapters cover specific areas of welfare measurement under imperfect competition, uncertainty, incomplete information, externalities, and dynamic considerations. Applications are considered explicitly for policy issues related to information, international trade, the environment, agriculture, and other natural resource issues.

The Welfare Economics of Public Policy is ideal for graduate and undergraduate courses in applied welfare economics, public policy, agricultural policy, and environmental economics and provides an essential reference for practitioners of applied welfare economics.

About the Author

Richard E. Just, Distinguished University Professor, University of Maryland, 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, US and Adjunct Professor, University of Saskatchewan, Canada

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