Disagreements about normative aspects of social time preferences have led to estimates of the Social Cost of Carbon (SCC) that differ by orders of magnitude. We investigate how disagreements about the SCC change if planners are non-dogmatic, i.e., they admit the possibility of a change in their...

We calculate conservative estimates for the marginal value of public funds (MVPF) associated with providing Medicaid to inmates exiting prison. Our MVPF estimates, which measure the ratio between the benefits associated with the policy (measured in terms of willingness to pay) and its costs net...

The primary objective of the research is to investigate the influence of international integration processes on national welfare. Peculiarities of trade and economic liberalization of trade through mechanism of regional trade agreements (RTA) forming have been scrutinized. Integration, which...

This paper outlines the case for using the Marginal Value of Public Funds (MVPF) in empirical welfare analysis. It compares the MVPF approach with more traditional welfare metrics such as the Cost-Benefit Ratio and the Net Social Benefits criterion. It outlines the advantages of the MVPF...

Sender conveys scarce information to a number of receivers to maximize the sum of receiver payoffs. Each receiver's payoff depends on the state of the world and an action she takes. The optimal action is state contingent. Under mild regularity conditions, we show that the payoff of each receiver...

Economists routinely make functional form assumptions about consumer demand to obtain welfare estimates. How sensitive are welfare estimates to these assumptions? We answer this question by providing bounds on welfare that hold for families of demand curves commonly considered in different...