Edited by Richard E. Just, Distinguished University Professor, University of Maryland, College Park, US, Darrell L. Hueth, Emeritus Professor, University of Maryland, US and Andrew Schmitz, Professor and Ben Hill Griffin, Jr. Endowed Chair, University of Florida, Research Professor, University of California, Berkeley, US and Adjunct Professor, University of Saskatchewan, Canada

‘From the authors of the “bible” of applied welfare analysis we now have the definitive collection of the seminal papers in the field. This book is a highly valuable reference for economists and policy analysts with a serious interest in the theory and application of welfare analysis in all areas of economics and public policy.’

• Contents:AcknowledgementsIntroduction Richard E. Just, Darrell L. Hueth and Andrew SchmitzPART ITHE JUSTIFICATION FOR PUBLIC INTERVENTION AMarket Failure 1. Paul A. Samuelson (1954), ‘The Pure Theory of Public Expenditure’2. Francis M. Bator (1958), ‘The Anatomy of Market Failure’3. Kenneth J. Arrow (1970), ‘The Organization of Economic Activity: Issues Pertinent to the Choice of Market versus Nonmarket Allocation’BSecond Best 4. Richard G. Lipsey and Kelvin Lancaster (1997), ‘The General Theory of Second Best’5. Otto A. Davis and Andrew B. Whinston (1965), ‘Welfare Economics and the Theory of Second Best’PART IITHEORETICAL FOUNDATIONS OF WELFARE MEASUREMENT AEconomic Surplus 6. J.R. Hicks (1943), ‘The Four Consumer’s Surpluses’7. E.J. Mishan (1959), ‘Rent as a Measure of Welfare Change’8. John Martin Currie, John A. Murphy and Andrew Schmitz (1971), ‘The Concept of Economic Surplus and Its Use in Economic Analysis’9. Arnold C. Harberger (1971), ‘Three Basic Postulates for Applied Welfare Economics: An Interpretive Essay’BCompensation Criteria 10. Harold Hotelling (1938), ‘The General Welfare in Relation to Problems of Taxation and of Railway and Utility Rates’11. Nicholas Kaldor (1939), ‘Welfare Propositions of Economics and Interpersonal Comparisons of Utility’12. J.R. Hicks (1939), ‘The Foundations of Welfare Economics’13. T. de Scitovszky (1941), ‘A Note on Welfare Propositions in Economics’14. Paul A. Samuelson (1950), ‘Evaluation of Real National Income’PART IIIMETHODOLOGICAL FOUNDATIONS OF WELFARE MEASUREMENT 15. Paul A. Samuelson (1942), ‘Constancy of the Marginal Utility of Income’16. Eugene Silberberg (1972), ‘Duality and the Many Consumer’s Surpluses’17. Robert D. Willig (1976), ‘Consumer’s Surplus Without Apology’18. Alan Randall and John R. Stoll (1980), ‘Consumer’s Surplus in Commodity Space’19. Jerry A. Hausman (1981), ‘Exact Consumer’s Surplus and Deadweight Loss’20. Yrjö O. Vartia (1983), ‘Efficient Methods of Measuring Welfare Change and Compensated Income in Terms of Ordinary Demand Functions’PART IVINCOME DISTRIBUTIONAL CONSIDERATIONS IN WELFARE MEASUREMENT21. Andrew Schmitz and David Seckler (1970), ‘Mechanized Agriculture and Social Welfare: The Case of the Tomato Harvester’22. Bruce Gardner (1983), ‘Efficient Redistribution through Commodity Markets’PART VDIMENSIONS OF PUBLIC POLICY EVALUATION AWelfare Economics of Market Power 23. Keith Cowling and Dennis C. Mueller (1978), ‘The Social Costs of Monopoly Power’24. Richard E. Just, Andrew Schmitz and David Zilberman (1979), ‘Price Controls and Optimal Export Policies under Alternative Market Structures’BMultimarket Equilibrium Welfare Measurement 25. Richard E. Just and Darrell L. Hueth (1979), ‘Welfare Measures in a Multimarket Framework’26. Walter N. Thurman and J.E. Easley, Jr. (1992), ‘Valuing Changes in Commercial Fishery Harvests: A General Equilibrium Derived Demand Analysis’27. Runar Brännlund and Bengt Kriström (1996), ‘Welfare Measurement in Single and Multimarket Models: Theory and Application’28. Ian W.H. Parry (1995), ‘Pollution Taxes and Revenue Recycling’CWelfare Measurement with Risk and Uncertainty 29. Benton F. Massell (1969), ‘Price Stabilization and Welfare’30. Daniel A. Graham (1981), ‘Cost-Benefit Analysis under Uncertainty’31. Rulon Pope, Jean-Paul Chavas and Richard Just (1983), ‘Economic Welfare Evaluations for Producers under Uncertainty’32. Kenneth J. Arrow and Robert C. Lind (1970), ‘Uncertainty and the Evaluation of Public Investment Decisions’DWelfare Effects of Information and Advertising 33. Joseph E. Stiglitz (1985), ‘Information and Economic Analysis: A Perspective’34. William Foster and Richard E. Just (1989), ‘Measuring Welfare Effects of Product Contamination with Consumer Uncertainty’35. Gary S. Becker and Kevin M. Murphy (1993), ‘A Simple Theory of Advertising as a Good or Bad’ENon-market Welfare Measurement 36. Harold Hotelling (1947), ‘Letter to the National Park Service’37. Oscar R. Burt and Durward Brewer (1971), ‘Estimation of Net Social Benefits from Outdoor Recreation’38. Karl-Göran Mäler (1971), ‘A Method of Estimating Social Benefits from Pollution Control’39. Nancy E. Bockstael and Kenneth E. McConnell (1983), ‘Welfare Measurement in the Household Production Framework’40. Nancy E. Bockstael and Catherine L. Kling (1988), ‘Valuing Environmental Quality: Weak Complementarity with Sets of Goods’41. Timothy J. Bartik (1988), ‘Measuring the Benefits of Amenity Improvements in Hedonic Price Models’42. Alan Randall, Berry Ives and Clyde Eastman (1974), ‘Bidding Games for Valuation of Aesthetic Environmental Improvement’43. W. Michael Hanemann (1999), ‘Welfare Analysis with Discrete Choice Models’PART VIREFLECTIONS 44. John V. Krutilla (1981), ‘Reflections of an Applied Welfare Economist’45. W. Michael Hanemann (1992), ‘Preface’46. Richard G. Lipsey (2007), ‘Reflections on the General Theory of Second Best at its Golden Jubilee’Name Index