language, can be made precise in economic models of child labor. Exploitation is defined relative to a specific social welfare … function. I first show that under the standard dynastic social welfare function, which is commonly applied to intergenerational … models, child labor is never exploitative. In contrast, under an inclusive welfare function, which places additional weight …

The literature has shown that the implied welfare gains from international financial integration are very small. We … revisit the existing findings and document that welfare gains can be substantial if capital goods are not perfect substitutes … welfare gains from financial integration are equivalent to a 9% increase in consumption for the median developing country, and …

inefficiency. We analyze the effects of regulatory intervention via educating naive consumers on equilibrium prices and welfare … increase welfare; however, it may also decrease welfare if education is insufficient to alter the equilibrium information and …

This paper presents results from a calibrated welfare model of the UK mobile telephony market which includes many … focuses on the short-run effects of adopting lower mobile termination rates (MTRs) on total welfare, consumer surplus and … rates), increases social welfare, consumer surplus and networks’ profits. Depending on the strength of call externalities …

number of applications result is due to rent seeking behavior. Sizable welfare gains (15% to 20%) can be realized by … applying for at least one job per period, increases welfare. …

This paper analyses the welfare effects of changes in cross-sectional wage dispersion, using a class of tractable … heterogeneous-agent economies. We emphasize a trade-off in the welfare calculation that arises when labour supply is endogenous. On … welfare loss roughly equivalent to a 2.5% decline in lifetime consumption. Assuming Cobb-Douglas preferences, this number is …

. For this class, we characterize the welfare properties of competitive equilibria and compare them to that of a planning …-value utility subject to resource constraints. The competitive equilibrium results in strictly higher welfare than does the planning … tax rates on capital. These tax rates reproduce the central planning solution, and thus imply a worse outcome in welfare …