Subrata Guha is Associate Professor, Centre for Economic Studies and Planning, Jawaharlal Nehru University, and has been associated with research and teaching there since 1999.Rajendra Prasad Kundu is Assistant Professor, Centre for Economic Studies and Planning, Jawaharlal Nehru University. He has taught at Jadavpur University and at the Delhi School of Economics, University of Delhi.S. Subramanian is an ICSSR National Fellow affiliated with the Madras Institute of Development Studies, from where he retired as a professor. Previously, he was a consultant with the Planning Commission of India and the Bureau of Industrial Costs and Prices, Government of India.

Satish Jain . . . combined intellectual brilliance, extreme modesty and a unique gentleness in a way that I have rarely encountered since. This volume of essays by many . . . leading lights of economic theory . . . is an appropriate tribute to this remarkable scholar and human being. — Abhijit Vinayak Banerjee, Massachusetts Institute of TechnologyIt is rare to find such a cluster of leading economic theorists coming together to pay tribute to an individual . . . [but then] Satish Jain is himself a rare economist . . . [with] a remarkable range of intellectual interests . . . [who] is known for his personal integrity and moral courage. — Kaushik Basu, Cornell University and the World Bank The contributions are of the highest quality by scholars of great eminence. I believe this volume should be of great value to all advanced level students of economic theory. — Pulin B. Nayak, Delhi School of EconomicsThis volume of essays . . . which spans [Satish Jain’s] wide spectrum of interests in economic theory and is characterized by . . . rigour and precision . . . in analysis, is a splendid tribute to his contributions to the profession. — Deepak Nayyar, Jawaharlal Nehru University

• Foreword James W. Friedman. Introduction Part I: Institutions and Efficiency 1. Market Failures: Almost Always? Anjan Mukherjee 2. Encompassing Interests, Regionalism and Public Investment Sugato Dasgupta, Bhaskar Dutta and Kunal Sengupta 3. Bribe Chains in a Police Administration Amal Sanyal 4. Notes towards Rationality and Institutions Manimay Sengupta Part II: Choice and Values 5. Characterization of a Second-Best Rationalizable Choice Function with General Domain Taposik Banerjee 6. Domain Condition for Quasi-Transitive Rationalizability Debabrata Pal Part III: Law and Economics 7. Existence and Efficiency of Equilibria: When Care is Multi-Dimensional Ram Singh 8. On the Efficiency of (1,2)-Incremental Liability Rules: Some Results Rajendra Kundu 9. On Breach Remedies: Contracting with Bilateral Selfish Investment and Two-Sided Private Information Sugata Bag Part IV: Stratagems and Private Gains 10. Auctions with Ceilings Priyodorshi Banerjee and Archishman Chakraborty 11. Corruption in Union Leadership Sarbajit Chaudhuri and Krishnendu Ghosh Dastidar Part V: Development and Policy 12. Alternative Models for Structural Change and Unbalanced Growth Amitava Bose 13. Public Expansion of Higher Education and a Dynamic Todaro Paradox Subrata Guha Part VI: Social and Economic Measurement 14. On a Family of Indices for Envy in Situations of Income Inequality Ravindra Ranade and Yukie Shimone 15. On a Distance Function-Based Inequality Measure in the Spirit of the Bonferroni and Gini Indices S. Subramanian 16. Vulnerability to Poverty: An Expected Poverty Index Satya R. Chakravarty and Nachiketa Chattopadhyay 17. On Literacy Rankings Tapan Mitra Part VII: Epilogue 18. The Stability of Binary Social Decision Rules Satish K. Jain. About the Editors. Notes on Contributors. Index

Subrata Guha is Associate Professor, Centre for Economic Studies and Planning, Jawaharlal Nehru University, and has been associated with research and teaching there since 1999.Rajendra Prasad Kundu is Assistant Professor, Centre for Economic Studies and Planning, Jawaharlal Nehru University. He has taught at Jadavpur University and at the Delhi School of Economics, University of Delhi.S. Subramanian is an ICSSR National Fellow affiliated with the Madras Institute of Development Studies, from where he retired as a professor. Previously, he was a consultant with the Planning Commission of India and the Bureau of Industrial Costs and Prices, Government of India.

Satish Jain . . . combined intellectual brilliance, extreme modesty and a unique gentleness in a way that I have rarely encountered since. This volume of essays by many . . . leading lights of economic theory . . . is an appropriate tribute to this remarkable scholar and human being. — Abhijit Vinayak Banerjee, Massachusetts Institute of TechnologyIt is rare to find such a cluster of leading economic theorists coming together to pay tribute to an individual . . . [but then] Satish Jain is himself a rare economist . . . [with] a remarkable range of intellectual interests . . . [who] is known for his personal integrity and moral courage. — Kaushik Basu, Cornell University and the World Bank The contributions are of the highest quality by scholars of great eminence. I believe this volume should be of great value to all advanced level students of economic theory. — Pulin B. Nayak, Delhi School of EconomicsThis volume of essays . . . which spans [Satish Jain’s] wide spectrum of interests in economic theory and is characterized by . . . rigour and precision . . . in analysis, is a splendid tribute to his contributions to the profession. — Deepak Nayyar, Jawaharlal Nehru University

• Foreword James W. Friedman. Introduction Part I: Institutions and Efficiency 1. Market Failures: Almost Always? Anjan Mukherjee 2. Encompassing Interests, Regionalism and Public Investment Sugato Dasgupta, Bhaskar Dutta and Kunal Sengupta 3. Bribe Chains in a Police Administration Amal Sanyal 4. Notes towards Rationality and Institutions Manimay Sengupta Part II: Choice and Values 5. Characterization of a Second-Best Rationalizable Choice Function with General Domain Taposik Banerjee 6. Domain Condition for Quasi-Transitive Rationalizability Debabrata Pal Part III: Law and Economics 7. Existence and Efficiency of Equilibria: When Care is Multi-Dimensional Ram Singh 8. On the Efficiency of (1,2)-Incremental Liability Rules: Some Results Rajendra Kundu 9. On Breach Remedies: Contracting with Bilateral Selfish Investment and Two-Sided Private Information Sugata Bag Part IV: Stratagems and Private Gains 10. Auctions with Ceilings Priyodorshi Banerjee and Archishman Chakraborty 11. Corruption in Union Leadership Sarbajit Chaudhuri and Krishnendu Ghosh Dastidar Part V: Development and Policy 12. Alternative Models for Structural Change and Unbalanced Growth Amitava Bose 13. Public Expansion of Higher Education and a Dynamic Todaro Paradox Subrata Guha Part VI: Social and Economic Measurement 14. On a Family of Indices for Envy in Situations of Income Inequality Ravindra Ranade and Yukie Shimone 15. On a Distance Function-Based Inequality Measure in the Spirit of the Bonferroni and Gini Indices S. Subramanian 16. Vulnerability to Poverty: An Expected Poverty Index Satya R. Chakravarty and Nachiketa Chattopadhyay 17. On Literacy Rankings Tapan Mitra Part VII: Epilogue 18. The Stability of Binary Social Decision Rules Satish K. Jain. About the Editors. Notes on Contributors. Index

Subrata Guha is Associate Professor, Centre for Economic Studies and Planning, Jawaharlal Nehru University, and has been associated with research and teaching there since 1999.Rajendra Prasad Kundu is Assistant Professor, Centre for Economic Studies and Planning, Jawaharlal Nehru University. He has taught at Jadavpur University and at the Delhi School of Economics, University of Delhi.S. Subramanian is an ICSSR National Fellow affiliated with the Madras Institute of Development Studies, from where he retired as a professor. Previously, he was a consultant with the Planning Commission of India and the Bureau of Industrial Costs and Prices, Government of India.

Satish Jain . . . combined intellectual brilliance, extreme modesty and a unique gentleness in a way that I have rarely encountered since. This volume of essays by many . . . leading lights of economic theory . . . is an appropriate tribute to this remarkable scholar and human being. — Abhijit Vinayak Banerjee, Massachusetts Institute of TechnologyIt is rare to find such a cluster of leading economic theorists coming together to pay tribute to an individual . . . [but then] Satish Jain is himself a rare economist . . . [with] a remarkable range of intellectual interests . . . [who] is known for his personal integrity and moral courage. — Kaushik Basu, Cornell University and the World Bank The contributions are of the highest quality by scholars of great eminence. I believe this volume should be of great value to all advanced level students of economic theory. — Pulin B. Nayak, Delhi School of EconomicsThis volume of essays . . . which spans [Satish Jain’s] wide spectrum of interests in economic theory and is characterized by . . . rigour and precision . . . in analysis, is a splendid tribute to his contributions to the profession. — Deepak Nayyar, Jawaharlal Nehru University

• Foreword James W. Friedman. Introduction Part I: Institutions and Efficiency 1. Market Failures: Almost Always? Anjan Mukherjee 2. Encompassing Interests, Regionalism and Public Investment Sugato Dasgupta, Bhaskar Dutta and Kunal Sengupta 3. Bribe Chains in a Police Administration Amal Sanyal 4. Notes towards Rationality and Institutions Manimay Sengupta Part II: Choice and Values 5. Characterization of a Second-Best Rationalizable Choice Function with General Domain Taposik Banerjee 6. Domain Condition for Quasi-Transitive Rationalizability Debabrata Pal Part III: Law and Economics 7. Existence and Efficiency of Equilibria: When Care is Multi-Dimensional Ram Singh 8. On the Efficiency of (1,2)-Incremental Liability Rules: Some Results Rajendra Kundu 9. On Breach Remedies: Contracting with Bilateral Selfish Investment and Two-Sided Private Information Sugata Bag Part IV: Stratagems and Private Gains 10. Auctions with Ceilings Priyodorshi Banerjee and Archishman Chakraborty 11. Corruption in Union Leadership Sarbajit Chaudhuri and Krishnendu Ghosh Dastidar Part V: Development and Policy 12. Alternative Models for Structural Change and Unbalanced Growth Amitava Bose 13. Public Expansion of Higher Education and a Dynamic Todaro Paradox Subrata Guha Part VI: Social and Economic Measurement 14. On a Family of Indices for Envy in Situations of Income Inequality Ravindra Ranade and Yukie Shimone 15. On a Distance Function-Based Inequality Measure in the Spirit of the Bonferroni and Gini Indices S. Subramanian 16. Vulnerability to Poverty: An Expected Poverty Index Satya R. Chakravarty and Nachiketa Chattopadhyay 17. On Literacy Rankings Tapan Mitra Part VII: Epilogue 18. The Stability of Binary Social Decision Rules Satish K. Jain. About the Editors. Notes on Contributors. Index