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A benefit function approach to Pareto efficiency in the presence of consumption externalities.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	A benefit function approach to Pareto efficiency in the presence of consumption externalities./
作者:	McKeon, Scott Matthew.
面頁冊數:	1 online resource (117 pages)
附註:	Source: Dissertations Abstracts International, Volume: 57-03, Section: A.
Contained By:	Dissertations Abstracts International57-03A.
標題:	Systems design. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=9535637click for full text (PQDT)
ISBN:	9798208457962

A benefit function approach to Pareto efficiency in the presence of consumption externalities.
McKeon, Scott Matthew.

A benefit function approach to Pareto efficiency in the presence of consumption externalities. - 1 online resource (117 pages)

Source: Dissertations Abstracts International, Volume: 57-03, Section: A.

Thesis (Ph.D.)--Stanford University, 1995.

Includes bibliographical references

This dissertation presents consumer demand theory in the presence of consumption externalities from the viewpoint of benefits. Such analysis is based on a new representation of individual preferences termed the benefit function. The benefit function measures the amount an individual is willing to trade, in terms of a specific reference commodity bundle, for the opportunity to move from utility level u to consumption bundle x. Based on the individual benefit function one can define a social benefit function which aggregates individual benefits into a meaningful social measure. Hence benefit functions have an advantage over utility functions in that benefits are directly comparable between individuals. The social benefit function transforms determining Pareto efficient allocations in the presence of consumption externalities into an optimality principle--namely, the zero-maximum principle. Based on the individual expenditure and indirect utility functions one can define both a social expenditure function and a social indirect utility function which complement the benefit function approach. Social benefits, social expenditure and social indirect utility can be unified into a consumption externalities framework--a group of interrelated optimization problems whose solutions are Pareto efficient social allocations in the presence of consumption externalities. The unification takes form through the Lagrange multiplier vector for each problem. Specifically, the Lagrange multipliers of benefit maximization render the Pareto efficient prices of social expenditure, the Lagrange multipliers of social expenditure render the Pareto efficient social weights of social indirect utility, and the Lagrange multipliers of social indirect utility render the Pareto efficient weights of benefit maximization. Development of the consumption externalities framework leads to generalizations of Shephard's Lemma, Roy's Identity and Slutsky's equation that allow for the presence of consumption externalities. In the absence of externalities, these generalized versions reduce to the customary versions. Benefit functions can further be used to determine those tax schemes which provide incentive for individuals to demand Pareto efficient allocations in the presence of consumption externalities. Also, changes in production, prices and/or income distribution can be assessed in terms of their effect on aggregate consumer benefit. Such analyses can be conducted in either a static or dynamic setting.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2023

Mode of access: World Wide Web

ISBN: 9798208457962Subjects--Topical Terms:

3433840
Systems design.
Subjects--Index Terms:

benefitsIndex Terms--Genre/Form:

542853
Electronic books.

A benefit function approach to Pareto efficiency in the presence of consumption externalities.
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520 $a This dissertation presents consumer demand theory in the presence of consumption externalities from the viewpoint of benefits. Such analysis is based on a new representation of individual preferences termed the benefit function. The benefit function measures the amount an individual is willing to trade, in terms of a specific reference commodity bundle, for the opportunity to move from utility level u to consumption bundle x. Based on the individual benefit function one can define a social benefit function which aggregates individual benefits into a meaningful social measure. Hence benefit functions have an advantage over utility functions in that benefits are directly comparable between individuals. The social benefit function transforms determining Pareto efficient allocations in the presence of consumption externalities into an optimality principle--namely, the zero-maximum principle. Based on the individual expenditure and indirect utility functions one can define both a social expenditure function and a social indirect utility function which complement the benefit function approach. Social benefits, social expenditure and social indirect utility can be unified into a consumption externalities framework--a group of interrelated optimization problems whose solutions are Pareto efficient social allocations in the presence of consumption externalities. The unification takes form through the Lagrange multiplier vector for each problem. Specifically, the Lagrange multipliers of benefit maximization render the Pareto efficient prices of social expenditure, the Lagrange multipliers of social expenditure render the Pareto efficient social weights of social indirect utility, and the Lagrange multipliers of social indirect utility render the Pareto efficient weights of benefit maximization. Development of the consumption externalities framework leads to generalizations of Shephard's Lemma, Roy's Identity and Slutsky's equation that allow for the presence of consumption externalities. In the absence of externalities, these generalized versions reduce to the customary versions. Benefit functions can further be used to determine those tax schemes which provide incentive for individuals to demand Pareto efficient allocations in the presence of consumption externalities. Also, changes in production, prices and/or income distribution can be assessed in terms of their effect on aggregate consumer benefit. Such analyses can be conducted in either a static or dynamic setting.
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