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In economic literature policy instrumentation has usually been discussed from normative point of view. In particular, the analytical apparatus of welfare theory is well equipped to evaluate the advantages and disadvantages of alternative instruments to attain a given policy objective. The fundamental criterion then is allocative efficiency.
In an economy where agents or actors, whatever you call, have infinite horizon life span, the social welfare function naturally coincides with the utility functions of those agents. But when reality is allowed to play, we see that where agents do not have infinite horizon life span, and moreover, they are not homogeneous, it becomes difficult defining a social or community welfare function. That is why, the practice we often observe that policy makers often go for Pareto inferior alternatives from welfare theoretical point of view. The reason being the fact that policy makes have interests and associated criteria that are inconsistent with the Pareto allocative efficiency.
Alice and Bob survive on hamburgers and salads. Aliceís utility function is UA = hA(sA 1) where hA and sA are her consumption of hamburgers and salads respectively. Bobís utility
what are puplic policy coordination echanism
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Explain the stages and various coordination mechanisms involved in policy processes. Discuss various factors that influenced the agenda setting in policy processes
Question 1: Examine the essential elements of modern democratic societies. Question 2: State the various ways in which the participation of people is achieved in a demo
Recent standardized test scores suggest that the Milwaukee Public School system is facing a profound moment of crisis, a reality shared by school districts in many other US cities.
Types of Policies for Reducing Pollution
QUESTION 1: Assuming that you are a consultant on the ‘Light Rail' project and you are asked to forecast demand for this mode of transport. What are the forecasting techniq
For a very large part of 20 th century, we may recall, there existed capitalist market-oriented economies and socialist planning-oriented economies. 21stcentury is however witness
Q. Relationship between individual preference and social choice? Social Choice is a very kindred area. Some people don't make any distinction between the two while others make.
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