Welfare Economics and Social Choice Theory

This book covers the main topics of welfare economics - general equilib­ rium models of exchange and production, Pareto optimality, externalities and public goods - and some of the major topic of social choice the­ ory - compensation criteria, fairness, voting, Arrow''s Theorem, and stra­ tegic behavior. The underlying question is this: "Is a particular economic or voting mechanism good or bad for...