Welfare Economics and Social Choice Theory / Edition 2

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This new edition includes new chapters on uncertainty, forced exchange, life and death choices, and implementation and mechanism design. The chapters on forced exchange and on mechanism design are largely about a very new theory

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Editorial Reviews

From the Publisher

The book, WELFARE ECONOMICS AND SOCIAL CHOICE THEORY, 2nd Edition, by Allan M. Feldman and Roberto Serrano, is an admirable compact distillation of these subjects. What is remarkable is the full and careful presentation of the major results in these areas in a very elementary way, using only very simple mathematical tools with no loss of rigor in the results."

Kenneth J. Arrow, Stanford University

"You've done a beautiful job of covering the modern territory in the new version of WELFARE ECONOMICS AND SOCIAL CHOICE THEORY, 2nd Edition. Congratulations!"

Eric Maskin, Institute for Advanced Study

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Product Details

  • ISBN-13: 9780387293677
  • Publisher: Springer US
  • Publication date: 12/2/2005
  • Edition description: 2nd ed. 2006
  • Edition number: 2
  • Pages: 404
  • Product dimensions: 14.70 (w) x 9.30 (h) x 1.10 (d)

Meet the Author

Allan M. Feldman has taught economics at Brown University for 34 years. He has written and published articles in the areas of general equilibrium theory, fairness and equity, Arrow’s theorem, strategy-proofness, majority voting theory, compensation criteria, the value of life, and law and economics. He has taught thousands of Brown undergraduates in a wide variety of courses, and has served for many years as the director of undergraduate studies in economics at Brown. He has also worked as an economics consultant in litigation.

Roberto Serrano is a Professor of Economics at Brown University, where he has worked since 1992 when he got his PhD from Harvard University. His fields of research are economic theory and game theory. He has been an Associate Editor of several journals, including Economic Theory, Mathematical Social Sciences and Research in Economics. He has published over thirty articles in refereed journals, and his research has been supported through fellowships and awards from prestigious institutions, including The Sloan Foundation, the U.S.-Israel Binational Science Foundation, the U.S. National Science Foundation and Spain’s Fundacion Banco Herrero.

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Table of Contents

1 Preferences and utility 11
2 Barter exchange 33
3 Welfare properties of market exchange 51
4 Welfare properties of "jungle" exchange 79
5 Economies with production 93
6 Uncertainty in exchange 119
7 Externalities 143
8 Public goods 161
9 Compensation criteria 195
10 Fairness and the rawls criterion 217
11 Life and death choices 229
12 Majority voting 253
13 Arrow's impossibility theorem 275
14 Dominant-strategy implementation 299
15 Nash implementation 321
16 Bayesian implementation 345
17 Epilogue 363
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