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The Welfare Economics of Public Policy : A Practical Approach to Project and Policy Evaluation - Richard E. Just

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

Hardcover Published: January 2004
ISBN: 9781843766889
Number Of Pages: 720

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'I am absolutely delighted that the authors are going to publish this text anew. I have used it for years in my graduate environmental economics course; usually I share the one copy I have with students and they also can gain access to the book from our library's copy. It is a shame that these students have not had the opportunity to purchase the book since every serious environmental economist should have this volume on their shelf. It has been a continuous reference volume for me over the years and I am sure this is true of many others in the discipline. In the field of applied welfare analysis (spanning environmental economics, international trade, agricultural policy, etc.) there is no need for further elaboration when" Just, Hueth and Schmitz" is referenced. Everyone knows the book that is being referred to: the "bible" of applied welfare economics.' - Catherine Kling, Iowa State University, US 'For the record, I am one of the people who has been requesting that the authors revise and re-issue their textbook. It is an extremely valuable book for applied economists; I have used it extensively in two of my courses and I also consult it frequently in my own research endeavors. In addition, it is frequently used by my graduate students in their dissertation research.' - Richard Adams, Oregon State University, US 'The original book is very well known in our profession and is still used in many classes. It would be wonderful to have a revised edition of this classic book.' - Colin Carter, University of California, Davis, US 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.

Industry Reviews

"'I am absolutely delighted that the authors are going to publish this text anew. I have used it for years in my graduate environmental economics course; usually I share the one copy I have with students and they also can gain access to the book from our library's copy. It is a shame that these students have not had the opportunity to purchase the book since every serious environmental economist should have this volume on their shelf. It has been a continuous reference volume for me over the years and I am sure this is true of many others in the discipline. In the field of applied welfare analysis (spanning environmental economics, international trade, agricultural policy, etc.) there is no need for further elaboration when "Just, Hueth and Schmitz" is referenced. Everyone knows the book that is being referred to: the "bible" of applied welfare economics.' - Catherine Kling, Iowa State University, US 'For the record, I am one of the people who has been requesting that the authors revise and re-issue their textbook. It is an extremely valuable book for applied economists; I have used it extensively in two of my courses and I also consult it frequently in my own research endeavors. In addition, it is frequently used by my graduate students in their dissertation research.' - Richard Adams, Oregon State University, US 'The original book is very well known in our profession and is still used in many classes. It would be wonderful to have a revised edition of this classic book.' - Colin Carter, University of California, Davis, US"

Introductionp. 1
Pareto optimality and the Pareto criterionp. 14
The compensation principle and the welfare functionp. 32
Welfare measurement for the producerp. 49
Alternative measures of producer welfare in factor and product marketsp. 75
Consumer surplus and consumer welfarep. 98
Nonuniqueness of consumer surplusp. 113
Willingness to pay and consumer welfarep. 123
Welfare measurement for consumersp. 157
Factor supply and factor owner welfarep. 183
Welfare measurement for factor ownersp. 216
Aggregation and economic welfare analysis of market-oriented policiesp. 253
Measurement of aggregate market welfarep. 294
Multimarket analysis and general equilibrium considerationsp. 311
Welfare measures for multimarket equilibriump. 351
The welfare economics of market structure with applications to international tradep. 375
The welfare economics of information with applications to advertising and information policyp. 417
Measuring the welfare effects of quality and informationp. 451
Stochastic welfare economics with applications to agricultural policy analysisp. 467
Producer welfare measurement under riskp. 518
Nonmarket welfare measurement with applications to environmental economic policyp. 527
Intertemporal considerations in cost-benefit analysis with applications to natural resource economicsp. 572
Intertemporal welfare analysis with investment in producer capital and consumer durablesp. 618
Conclusions and further considerationsp. 639
Table of Contents provided by Blackwell. All Rights Reserved.

ISBN: 9781843766889
ISBN-10: 1843766884
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 720
Published: January 2004
Publisher: Edward Elgar Publishing Ltd
Country of Publication: GB
Dimensions (cm): 24.13 x 17.15  x 5.08
Weight (kg): 1.32

Earn 884 Qantas Points
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