100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Public Economics Week 2 LT Notes £10.49
Add to cart
Quickly navigate to
Preview
  2.  
  3. London School Of Economics (LSE)
  4.  
  5. EC325 Public Economics

Lecture notes

Public Economics Week 2 LT Notes
 5 views  0 purchase

In-depth annotated notes for Week 2 lecture slides. Written by someone who attained a first class in this subject. Content that is not necessarily written down but important from information from lecturer.

Preview 4 out of 42  pages

Document information

  • October 15, 2024
  • 42
  • 2022/2023
  • Lecture notes
  • Kate smith
  • Lent term week 2

Subjects

Written for

All documents for this subject (8)

Seller

avatar-seller
anyahshah

Content preview

WELFARE IN MARKETS

EC 325
London School of Economics

, Motivation


• Our end goal is a deep understanding of when and how governments
should intervene in the economy

• Our first lecture considered individual welfare in isolation

• In the real world, public policies do not affect individuals in isolation,
they affect entire markets

• → we need to understand the welfarist properties of markets.

, Outline of the lecture

1. Models of markets
2. Incidence
3. Efficiency
4. Equity

, Recall from the previous lecture:

We can use the income-substitution effect decomposition to construct wel-
fare measures like EV and CV.
• We can then compare these money metric welfare comparisons across
contexts
• Without income effects, these are equivalent and equal to the change
in consumer surplus

Revealed preference lets us use positive models and empirical analysis to
study normative questions non-paternalistically...but tread carefully!

Social welfare functions let us analyze problems with winners and losers,
but normative judgments are inherent in the choice of SWF.

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller anyahshah. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for £10.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

52510 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now

Start selling
£10.49
  • (0)
Add to cart
Added