Preface; 1. Introduction; 2. Pareto optimality in a market economy; 3. The compensation principle and the social welfare function; 4. Measuring welfare changes; 5. Market failures - causes and welfare consequences; 6. Public choice; 7. A smorgasbord of further topics; 8. How to overcome the problem of preference revelation: practical methodologies; 9. Cost-benefit analysis; 10. The treatment of risk; Appendix; References.

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This book in welfare economics covers concepts such as Pareto optimality in a market economy, the compensation criterion and the social welfare function.

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'An undergraduate student … would find this a very useful reference …' The Economic Journal

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