WELFARE ANALYSIS WITH MULTIPLE MARKETS, MULTIPLE MARKET FAILURES OR SUBOPTIMAL POLICY CALIBRATION
Keywords:
policy analysis, applied welfare economics, market failure, value of informationAbstract
One of the hallmarks of welfare analysis as a system for organizing policy-relevant evidence is that it embeds accounting standards. Every dollar of impact can, at least in theory, be included in a net benefit estimate exactly once—no more and no less. The visualization tools of partial equilibrium analysis can be powerful and elegant contributors to this goal, especially if integrated with accounting ledgers. However, only a few illustrative cases are taught in a manner that combines user-friendly analytic tools with accuracy. This paper fills in some of the resulting gaps, toward the goal of greater understanding for both students and the practitioners of policy-oriented welfare analysis they might eventually become.
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