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TheWelfareEconomicsofPublicPolicy:APracticalApproachtoProjectandPolicyEvaluation(Hardcover)byRichardE.Just(Author),DarrellL.Hueth(Author),AndrewSchmitz(Author)Hardcover:712pagesPublisher:EdwardElgarPu ...
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The Welfare Economics of Public Policy: A Practical Approach to Project and Policy Evaluation (Hardcover)
by Richard E. Just (Author), Darrell L. Hueth (Author), Andrew Schmitz (Author)
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.
About the Author
Richard E. Just, Distinguished University Professor, University of Maryland, College Park, Darrell L. Hueth, Professor, University of Maryland, College Park, and Professor Titular, Universidad de Los Andes, Colombia and Andrew Schmitz, Ben Hill Griffin Eminent Scholar and Professor, University of Florida and Research Professor, University of California, Berkeley
Preface xv
1 Introduction 1
1.1 Positive versus normative economics 3
1.2 Some controversies in welfare economics 5
1.3 Compensation in welfare economics 8
1.4 Compensating and equivalent variations 9
1.5 Efficiency and equity 10
1.6 Welfare weightings 11
1.7 Overview of the book 12
2 Pareto optimality and the Pareto criterion 14
2.1 Pareto optimality and the Pareto criterion defined 15
2.2 The pure consumption case 16
2.3 Production efficiency 18
2.4 The product-mix case 21
2.5 Pareto optimality and competitive equilibrium 23
The first optimality theorem 24
The second optimality theorem 28
2.6 Limitations of Pareto optimality and the Pareto principle 29
2.7 Conclusions 31
3 The compensation principle and the welfare function 32
3.1 The compensation principle 32
The pure consumption case 33
Distribution of different bundles 34
The reversal paradox 35
Intransitive rankings 37
3.2 Utility possibility curves and the potential welfare criterion 38
3.3 The social welfare function 40
3.4 Limitations of the social welfare function approach 41
3.5 Potential versus actual gains 45
3.6 Practical applied policy analysis: the relationship of general
equilibrium and partial equilibrium analysis 45
3.7 Summary 48
4 Welfare measurement for the producer 49
4.1 The profit-maximizing firm 49
4.2 Welfare measures for the producing firm 52
v
Profit 52
Producer surplus and quasirent 54
4.3 The relationship of profit, quasirent and producer surplus 56
4.4 Producer welfare measurement in the input market 58
The single-variable-input case 59
The case of multiple inputs 62
4.5 Evaluation of nonprice benefits 66
4.6 Input quantity restrictions for the competitive firm 67
4.7 Investment and intertemporal welfare measurement 70
4.8 Summary 73
Appendix to Chapter 4: Alternative measures of producer welfare in factor and
product markets 75
4.A Sequential evaluation of a multiple price change 76
4.B Evaluation of a multiple price change in the output market 78
4.C Evaluation of a multiple price change in a single-input market 79
4.D An example 80
4.E Integrability and unique measurement in practice 82
4.F A simple intertemporal model of producer investment 85
4.G Alternative behavioral criteria and robustness of surplus measures 93
5 Consumer surplus and consumer welfare 98
5.1 The notion of consumer surplus 99
5.2 Path dependence of consumer surplus 102
5.3 Uniqueness of consumer surplus 105
5.4 Constancy of the marginal utility of income 109
5.5 Conclusions 112
Appendix to Chapter 5: Nonuniqueness of consumer surplus 113
5.A The pure consumer case 113
5.B Path dependence of consumer surplus 117
5.C Money measures of utility change and constancy of the marginal
utility of income 119
6 Willingness to pay and consumer welfare 123
6.1 Willingness-to-pay measures 123
6.2 The nibble paradox 130
6.3 Equality of compensating and equivalent variation 131
6.4 Graphical analysis of willingness to pay 132
6.5 Consumer surplus as a WTP measure: the single-price-change case 136
6.6 Consumer surplus as a WTP measure: the multiple-price-change
case 141
6.7 Consumer surplus as a WTP measure: the price–income-change
case 151
6.8 Exact measurement of WTP 153
6.9 Conclusions 155
vi Contents
Appendix to Chapter 6: Welfare measurement for consumers 157
6.A WTP measures for consumers 158
6.B Practical aspects of WTP measures 161
The single-price-change case 161
The multiple-price-change case 166
Computation of tighter error bounds 168
Conclusions for the pure consumer case 170
6.C The choice of measure and the money metric 170
6.D Accurate measurement with ordinary demands 172
6.E Practical approximation versus accurate measurement 175
6.F Exact measurement with integrability 177
7 Factor supply and factor owner welfare 183
7.1 Initial considerations in factor owner welfare measurement 183
7.2 Endogenous versus exogenous income 185
7.3 Path dependence and related issues 186
7.4 Willingness to pay revisited 189
7.5 Surplus change as an approximation of WTP 191
7.6 The general price change case for the factor owner 195
7.7 Multiple price changes with changes in exogenous income 200
7.8 An example 200
7.9 Imposed quantity changes 203
7.10 Areas between supply (or demand) curves as welfare measures for
multiple changes 208
Welfare analysis with essential goods: evaluating multiple price
changes in a single market 209
Weak complementarity: welfare analysis for nonessential goods 212
7.11 Exact measurement of WTP for factor owners 214
7.12 Summary and conclusions 214
Appendix to Chapter 7: Welfare measurement for factor owners 216
7.A The case with consumption and labor supply 216
7.B Money measures of utility change for labor suppliers 219
7.C WTP measures for consumer-laborers 221
7.D Separability of consumption and factor supply 223
7.E Approximate measurement of WTP for consumer-laborers 225
7.F The general factor supply problem 227
7.G Benefit measurement with household production 232
7.H Exact measurement and integrability for factor owners 238
7.I Indirect benefit measurement for price and nonprice changes 242
7.J Approximate WTP measures with quantity restrictions 246
8 Aggregation and economic welfare analysis of market-oriented policies 253
8.1 Aggregation of WTP: the producer case 253
8.2 Aggregation of WTP: the case of consumers and factor owners 256
8.3 Aggregation of money measures of utility change 257
Contents vii
8.4 Aggregation of WTP over producers and consumers 259
8.5 Welfare analysis of simple market distortions 262
Price ceilings 262
Price floors 263
Price supports 264
Taxes 264
Subsidies 266
Quotas and market rationing 266
An example 267
8.6 Laissez-faire and government intervention 269
8.7 International trade 269
The gains from trade 269
The distribution of gains and losses across trading partners 272
Trade and government programs 275
Tariffs, quotas and export subsidies 277
Voluntary export restraints 282
8.8 Empirical considerations in market-level welfare analysis 284
8.9 The choice of market for estimation 291
8.10 Conclusions 292
Appendix to Chapter 8: Measurement of aggregate market welfare 294
8.A Aggregation of WTP for consumer demand and factor supply 294
8.B Aggregation under heterogeneity for producers 298
Integrability under aggregation 300
Modeling producer heterogeneity 301
8.C Aggregation under heterogeneity for consumers and factor owners 306
Modeling consumer and factor owner heterogeneity 307
Exact aggregation 308
9 Multimarket analysis and general equilibrium considerations 311
9.1 Welfare effects in vertically related markets 312
Producer surplus associated with equilibrium supply 312
Intermediate-market consumer surplus with equilibrium
demand 316
Vertical-sector welfare analysis 318
Extension to factor supply and final consumer demand 319
9.2 Welfare effects in horizontally related markets 322
Input-market relationships for industries 322
Output-market relationships for industries 324
Horizontal relationships for consumers and factor owners 326
9.3 General equilibrium welfare measurement 327
9.4 Welfare measurement with existing distortions in other markets 331
9.5 General equilibrium considerations in specification, estimation and
interpretation 336
The general vertical market approach 342
The general equilibrium approach 343
viii Contents
Practical aspects of multimarket equilibrium welfare analysis 346
9.6 Conclusions 349
Appendix to Chapter 9: Welfare measures for multimarket equilibrium 351
9.A The case of a small vertically structured sector 352
Consumer surplus in an intermediate market 353
Producer surplus in an intermediate market 355
9.B General equilibrium welfare measurement 355
The equilibrium welfare effects of introducing a single distortion 359
Equilibrium effects of a distortion in an otherwise distorted
economy 361
The case of an open economy 365
Segmenting an economy for purposes of practical economic
welfare analysis 366
9.C The Boadway paradox 368
9.D Empirical considerations 372
10 The welfare economics of market structure with applications to international
trade 375
10.1 The simple monopoly model 376
10.2 The simple monopsony model 378
10.3 The cases of oligopoly and oligopsony 379
10.4 Demand and cost conditions 381
10.5 Economies of scale 382
10.6 Market intermediaries 383
Producer marketing boards and associations 384
Consumerism 385
The pure middleman 386
An example 386
10.7 Labor unions 389
A simple model 389
Two markets 389
The effective union 391
10.8 Antitrust economics 391
10.9 International trade considerations 395
Optimal tariffs and export taxes 395
Supply management 398
Import–export cartels 401
10.10 Bargaining, game theory and welfare economics 405
Bertrand versus Cournot versus Stackelberg behavior 406
Nash bargaining 408
Contestable market theory 411
Game theory as a model of lobbying and political economy 412
The generality of game theory 412
10.11 Empirical considerations in markets subject to market power 413
10.12 Conclusions 415
Contents ix
11 The welfare economics of information with applications to advertising and
information policy 417
11.1 The role of price expectations 418
The case of the producer 418
The case of the consumer 420
Goods used in combination with durables and physical capital 421
11.2 The role of quality information 423
11.3 Measuring the welfare effects of partial and misleading information 425
Welfare benefits of partial price information 426
Welfare benefits of partial quality information 429
Welfare costs of false and misleading quality information 429
Dependence on the timing of obtaining correct information 430
Producer technology adoption with errors in productivity
perceptions 432
11.4 An example of government delay in disseminating contamination
information 433
11.5 Apparent versus actual changes in tastes and preferences 437
True changes in preferences 437
Apparent changes in preferences 438
11.6 The welfare effects of advertising 439
Does advertising change tastes and preferences? 439
Advertising that disseminates correct information 441
Advertising with false information 443
Advertising and fads 444
11.7 Evaluation of public information policy 445
Truthfulness in advertising policy 446
Public price information and market assessment 446
Public quality information 448
Public experiment station and extension programs 448
Timing of information release 449
11.8 Conclusions 449
Appendix to Chapter 11: Measuring the welfare effects of quality and information 451
11.A Concepts of ex ante and ex post welfare measurement 451
11.B A model of consumer response to information 454
11.C Welfare effects of correct information and correctly perceived changes
in quality 455
11.D The welfare effects of imperfect information 457
Correct initial information and incorrect subsequent information 459
Incorrect initial information and correct subsequent information 460
Incorrect initial and subsequent information 460
11.E Empirical considerations in welfare measurement of information
effects 461
The case of perfect information 462
The case of imperfect information 463
Effects of disseminating incorrect information 464
x Contents
Effects of correcting information 464
Effects of changing information in a world of imperfect information 465
11.F Conclusions and potential applications 466
12 Stochastic welfare economics with applications to agricultural policy analysis 467
12.1 Consumer welfare with random prices and instantaneous adjustment 467
12.2 Producer welfare with random but anticipated prices 469
12.3 Can uncertainty improve welfare? 470
Extensions to international trade 472
12.4 Additional considerations regarding welfare effects of price
stabilization 473
Nonlinearity 474
The form of disturbances 475
The role of market intermediaries 477
Response of private storage to public intervention 479
Dependence of storage costs on buffer stock variability 482
Dependence of storage costs on time in storage 483
12.5 Instability with uncertainty 484
12.6 Welfare measures under risk aversion 487
Expected utility 488
Option value as the difference in ex ante and ex postWTP 489
Aggregation of WTP under risk 492
Dependence on the specifics of compensation 494
Which welfare measure is appropriate? 495
12.7 Market-based estimation of ex anteWTP 499
12.8 An example 504
12.9 Agricultural price stabilization 506
Dependence of who gains on specification 508
Inability to anticipate favorable demand conditions 509
Time in storage problems 509
Risk aversion and supply response to stabilizing prices 510
Adaptability of policy controls in stochastic circumstances 510
12.10 Federal crop insurance policy 511
Moral hazard 512
Adverse selection 513
Decomposition of the incentive to participate 513
Welfare effects of crop insurance 515
12.11 Conclusions 517
Appendix to Chapter 12: Producer welfare measurement under risk 518
12.A Risk aversion and expected utility maximization 518
12.B Evaluating an expected output price change 519
12.C Evaluating an expected input price change 521
12.D Evaluating other changes affecting a risk-averse firm 523
12.E Stochastic production and state-dependent compensation 524
12.F Duality and integrability 526
Contents xi
13 Nonmarket welfare measurement with applications to environmental
economic policy 527
13.1 Externalities 527
Social optimality 529
Policies for obtaining social optimality with externalities 533
Evaluating policies in the presence of distortions 537
Other issues in comparing policies 545
13.2 Public goods 549
13.3 Impure public goods 553
Excludability, nonrivalry and the case of club goods 554
Partial excludability and regulation of excludability under
nonrivalry 556
Partial rivalry due to congestion and physical limitations 558
Quasipublic goods: joint public and private service flows 559
13.4 Measurement of external environmental benefits and costs 560
Estimation of producer damage and abatement cost functions 560
Valuation of consumer nonmarket benefits 562
Survey techniques and contingent valuation 564
Travel cost methods 566
Hedonic models 568
13.5 Conclusions 571
14 Intertemporal considerations in cost–benefit analysis with applications to natural
resource economics 572
14.1 The social discount rate 573
The rationale for social discounting 576
The market rate of interest as a social discount rate 576
Theoretical determination of the discount rate: the time preference
approach 576
Practical determination of the discount rate 579
Net present value versus internal rate of return 580
Empirical use of discount rates and sensitivity analysis 585
14.2 Measuring welfare over time: cost–benefit analysis 586
Accounting for changes in investment 587
14.3 Intertemporal aspects of the consumer problem 588
14.4 Intertemporal welfare analysis of risky projects and policies 590
14.5 Investing in research and development 593
A basic model of R&D effects 594
Distributional effects of R&D 594
Distributional effects in related markets 596
Open economy considerations 598
R&D with imperfect competition 599
Intertemporal evaluation of R&D 600
Joint public–private investment 601
14.6 Economic welfare analysis of natural resource policy 603
Nonrenewable resources 603
xii Contents
Renewable resources 609
Capital resources 611
14.7 A general framework for dynamic and sustainable economic welfare
analysis 612
14.8 Conclusions 616
Appendix to Chapter 14: Intertemporal welfare analysis with investment in producer
capital and consumer durables 618
14.A Intertemporal economic welfare analysis for producers 618
Intertemporal optimization 619
Intertemporal indirect expected utility 621
Evaluation of welfare effects of expected price changes 622
Specification of supplies and demands for purposes of estimation 623
State-dependent compensation for future welfare effects 624
Specification and estimation of future welfare effects 625
Welfare effects of changes in present and future risk 626
14.B Intertemporal economic welfare analysis for consumers 629
Consumer welfare with investment in consumer durables 629
Empirical considerations for estimation 632
State-dependent compensation for future welfare effects 633
Consumer welfare effects of future price risk 634
14.C Implications for social discounting 635
14.D Further generalizations with risk 636
15 Conclusions and further considerations 639
15.1 Emphasis on application 640
Theoretical applications 641
Empirical applications 641
15.2 Welfare maximization and cost–benefit analysis 642
15.3 Income distribution 643
15.4 Making economic welfare analysis useful in the policy process 643
Inefficiency of competitive equilibrium 644
Separation of efficiency and equity 645
The potential role of welfare economics 646
Distributional considerations based on public choice theory 647
Implications for economic welfare analysis 648
15.5 Summary 649
Bibliography 650
Name index 673
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