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The Welfare Economics of Public Policy: A Practical Approach to Project and Policy Evaluation

Richard E. Just, Darrell L. Hueth, Andrew Schmitz. The Welfare Economics of Public Policy: A Practical Approach to Project and Policy Evaluation Authors:Richard E. Just, Darrell L. Hueth, Andrew Schmitz.
Publisher:
Year:2005
Serie:
Pages:712
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Price:27554 rub.
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Book Summary:
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...

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