The Shadow Wage Rate (SWR), like any shadow price, is a function of the social objectives set for the particular country. Brent [1984 and 1986] has argued that one should consider the number of uncompensated losers from a public investment as a third social objective (together with the usual...

This paper presents a method for determining shadow prices for a physician's services on the basis of actual prices charges. The Ramsey rule is used as the shadow-pricing formula. This is combined with the physician's profit-maximizing condition to produce an expression for the social prices in...