Applied welfare economics : cost-benefit anaylsis of projects and policies.: cost-benefit anaylsis of projects and policies. (2022)

• Record Type: Book
• Authors: Florio, Massimo; Pancotti, Chiara
• Other Names: Florio, Massimo
• Contents: Chapter 1: On Social Welfare Overview 1.1. The concept of social welfare * 1.1.1 Gross Domestic Product as welfare measurement 1.1.2 Income and final consumption 1.1.3 A digression on money in welfare economics 1.2. The welfare assumptions behind GDP and NNP 1.3. Individual and social welfare 1.4. Determinants of individual welfare: goods 1.5. Determinants of social welfare: individual utilities 1.5.1 Aggregating individual utilities 1.5.2 Interpretation of welfare weights 1.6. Sen’s critique of individualistic Social Welfare F unction 1.7. Paternalism and not (only) individualistic Social Welfare Functions 1.8. Happiness economics 1.9. ‘Positive’ analysis 1.10. Further reading 1.11. Summary of Chapter 1 Chapter 2: The two Fundamental Theorems re-examined Overview 2.1. Theorems versus Intuitions 2.2. The Arrow-Debreu (AD) Economy (*) 2.3. The axiomatic structure (*) 2.4. Consumers, producers and government: objectives and constraints (*) 2.5. The Walrasian equilibrium 2.6. The two Theorems without ideology 2.7. The informative structure: Stiglitz’s critique 2.8. Critical analysis of the Second Theorem 2.9. The government rediscovered in second-best economies 2.10. Further reading 2.11. Summary of Chapter 2 Appendix A2.1 – Policies based on the Second Theorem: lump-sum transfers Appendix A3.1: Some results from Drèze and Stern (1987) Marginal social value of producer prices Marginal social value of commodity taxes Marginal social value of a production constraint Chapter 3: Shadow prices and the social planner Overview 3.1. Introductory remarks 3.2. A model for project and policy evaluation 3.3. A second best economy in the DS frame 3.4. Policy reforms and shadow prices 3.5. Multi-government setting 3.6. Why using shadow prices? 3.7. Further reading 3.8. Summary of Chapter 3 Chapter 4: The social cost of goods Overview 4.1. Observed prices and financial analysis 4.2. Accounting prices and economic analysis 4.2.1 Conversion of market prices to shadow prices 4.2.2 Extension of project boundaries: externalities and indirect effects 4.2.3 Assessing the economic performance 4.3. Empirical approaches for guessing accounting prices 4.4. The border price rule for tradable goods 4.5. The Standard Conversion Factor 4.6. The long run marginal cost 4.7. Willingness-to-pay 4.7.1 Definition and scope of application 4.7.2 Stated preferences approaches 4.7.3 Revealed preferences approaches 4.7.4 Benefit transfer approach 4.8. Further readings 4.9. Summary of Chapter 4 Appendix A4.1: Financial analysis The financial return on investment The financial return on capital Financial performance indicators Financial sustainability Dealing with taxes in the financial analysis Appendix A4.2: An example of financial and economic analysis Chapter 5: The social cost of labour Overview 5.1. Earlier literature on the social opportunity cost of labour 5.1.1 Theoretical contributions 5.1.2 Empirical contributions 5.2. A conceptual model for the social cost of labour 5.3. The shadow wage rate and labour market conditions 5.3.1 Simplifying the Little-Mirrlees formula for the SWR 5.3.2 Empirical formulae 5.4. Empirical estimation of shadow prices for EU regions 5.4.1 Data and methods 5.4.2 Estimation of the SWRs 5.5. Further reading 5.6. Summary of Chapter 5 Chapter 6: The social cost of capital Overview 6.1. Rationale for discounting 6.2. Estimating the social discount rate 6.2.1 The social rate of return on private investments (SRRI) 6.2.2 The social rate of time preference (SRTP) 6.2.3 The weighted average method 6.2.4 The shadow price of capital 6.3. The social discount rate as a function of time 6.4. Empirical estimates of the social discount rate 6.4.1 International evidence: SDRs recommended in selected countries 6.4.2 An example of SRTP estimation 6.5. The opportunity cost of public funds 6.6. Further reading 6.7. Summary of Chapter 6 Chapter 7: Welfare weights and distributional impacts Overview 7.1. Why are equity considerations needed in CBA? 7.2. Deriving welfare weights 7.3. Estimation of distributional weights 7.4. The distributional characteristic of goods 7.5. Group and regional welfare weights 7.6. Basic needs and social affordability 7.6.1 The basic needs approach 7.6.2 Social affordability analysis 7.7. Further reading 7.8. Summary of Chapter 7 Chapter 8: Risk assessment Overview 8.1. Rationale of the risk assessment 8.2. Definitions and concepts 8.3. Historical background: the World Bank model 8.4. Sensitivity analysis 8.4.1 Identification of the critical variables 8.4.2 Approaches to test the sensitivity of the CBA model <
• Edition: Second edition
• Publisher Details: London : Routledge
• Publication Date: 2022
• Extent: 1 online resource, illustrations (black and white)
• Subjects: 330.126; Welfare economics; Cost effectiveness
• Languages: English
• ISBNs: 9781000634174; 9781000633177; 9781003191377
• Related ISBNs: 9781032043005; 9781032022185
• Notes: Note: Includes bibliographical references and index.; Note: Description based on CIP data; resource not viewed.
• Access Rights: Legal Deposit; Only available on premises controlled by the deposit library and to one user at any one time; The Legal Deposit Libraries (Non-Print Works) Regulations (UK).
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