Welfare Economics of Public Policy

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

• Contents: Preface 1. Introduction 2. Pareto Optimality and the Pareto Criterion 3. The Compensation Principle and the Welfare Function 4. Welfare Measurement for the Producer Appendix to Chapter 4: Alternative Measures of Producer Welfare in Factor and Product Markets 5. Consumer Surplus and Consumer Welfare Appendix to Chapter 5: Nonuniqueness of Consumer Surplus 6. Willingness to Pay and Consumer Welfare Appendix to Chapter 6: Welfare Measurement for Consumers 7. Factor Supply and Factor Owner Welfare Appendix to Chapter 7: Welfare Measurement for Factor Owners 8. Aggregation and Economic Welfare Analysis of Market-Oriented Policies Appendix to Chapter 8: Measurement of Aggregate Market Welfare 9. Multimarket Analysis and General Equilibrium Considerations Appendix to Chapter 9: Welfare Measures for Multimarket Equilibrium 10. The Welfare Economics of Market Structure with Applications to International Trade 11. The Welfare Economics of Information with Applications to Advertising and Information Policy Appendix to Chapter 11: Measuring the Welfare Effects of Quality and Information 12. Stochastic Welfare Economics with Applications to Agricultural Policy Analysis Appendix to Chapter 12: Producer Welfare Measurement under Risk 13. Nonmarket Welfare Measurement with Applications to Environmental Economic Policy 14. Intertemporal Considerations in Cost–Benefit Analysis with Applications to Natural Resource Economics Appendix to Chapter 14: Intertemporal Welfare Analysis with Investment in Producer Capital and Consumer Durables 15. Conclusions and Further Considerations Bibliography Index

‘The Welfare Economics of Public Policy is a great book that should be of interest to all economists interested in applied welfare analysis. It is a good reference book for economists studying the effects of public policy. Finally, it should be a useful textbook for students studying economic policy and applied welfare economics.'