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Persistent link: https://www.econbiz.de/10003408505
We show that the Hotelling-Lau elasticity of substitution, an extension of the Allen-Uzawa elasticity to allow for optimal output-quantity (or utility) responses to changes in factor prices, inherits all of the failings of the Allen-Uzawa elasticity identified by Blackorby and Russell [1989...
Persistent link: https://www.econbiz.de/10005146838
A number of studies have evaluated the social welfare impact of price and income changes using equivalent incomes that are computed at some reference price vector, and an aggregator with these equivalent incomes as arguments in place of a social welfare function. This paper investigates the...
Persistent link: https://www.econbiz.de/10010299646
We study the link between second-best production efficiency and the constraints on income distribution imposed by private ownership of firms in economies with Ramsey taxation. We review the result of Dasgupta and Stiglitz [1972], Mirrlees [1972], Hahn [1973], and Sadka [1977] about firm-specific...
Persistent link: https://www.econbiz.de/10009485008
This paper explores how to optimally set taxes and transfers when taxation authorities: (1) are uninformed about individuals? value of time in both market and non-market activities and (2) can observe both market-income and time allocated to market employment. We show that optimal redistribution...
Persistent link: https://www.econbiz.de/10009485430
Public policies often involve choices of alternatives in which the size and the composition of the population may vary. Examples are the allocation of resources to prenatal care and the design of aid packages to developing countries. In order to assess the corresponding feasible choices on...
Persistent link: https://www.econbiz.de/10010284821
This paper illustrates the application of functional-equations results in population ethics.In an intertemporal framework, we provide characterizations of several classes of variablepopulationsocial orderings that may depend on individual lengths of life in addition tolifetime utilities...
Persistent link: https://www.econbiz.de/10005869308
We analyze the rationalizability of variable-population social-choice functions in a welfaristframework. It is shown that xed-population rationalizability and a weakening ofcongruence together are necessary and suffcient for rational choice, given a plausible dominanceproperty that prevents the...
Persistent link: https://www.econbiz.de/10005869309
Discounting the utilities of future people or giving smaller weights to groups other thanone's own is often criticized on the grounds that the resulting objective function diers fromthe ethically appropriate one...
Persistent link: https://www.econbiz.de/10005869339
This note investigates the extension of Roberts' price-independent welfare prescriptions toalternatives in which population size and composition can vary. We show that ethicallyunsatisfactory orderings result. Suppose that a single person is to be added to a populationthat is unaected in utility...
Persistent link: https://www.econbiz.de/10005869348