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Public Expenditure under Uncertainty: The Net-Benefit Criteria

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  • Graham, Daniel A

Abstract

Public expenditure under uncertainty is modeled as the problem of determining the quantities of l public goods and m private goods to be provided to n consumers when the private goods are claims to a single commodity, "dollars," which are contingent upon the occurrence of one of m possible states of nature. A real-valued "net benefit function" is identified, and criteria based upon this function are provided that are both necessary and sufficient for Pareto-improving or Pareto-efficient solutions to this problem. Copyright 1992 by American Economic Association.

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  • Graham, Daniel A, 1992. "Public Expenditure under Uncertainty: The Net-Benefit Criteria," American Economic Review, American Economic Association, vol. 82(4), pages 822-846, September.
    • Handle: RePEc:aea:aecrev:v:82:y:1992:i:4:p:822-46
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    Cited by:

    1. Aric P. Shafran, 2014. "Equivalent Option Price With Supply Uncertainty," Bulletin of Economic Research, Wiley Blackwell, vol. 66(S1), pages 1-16, December.
    2. Simon Eckermann & Andrew Willan, 2011. "Presenting Evidence and Summary Measures to Best Inform Societal Decisions When Comparing Multiple Strategies," PharmacoEconomics, Springer, vol. 29(7), pages 563-577, July.
    3. Smith, V. Kerry & Van Houtven, George, 1998. "Non-Market Valuation and the Household," Working Papers 98-04, Duke University, Department of Economics.
    4. Klaus Glenk & Sergio Colombo, 2013. "Modelling outcome-related risk in choice experiments," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 57(4), pages 559-578, October.
    5. Simon Eckermann & Tim Coelli, 2008. "Including quality attributes in a model of health care efficiency: A net benefit approach," CEPA Working Papers Series WP032008, School of Economics, University of Queensland, Australia.
    6. Eckermann, Simon & Coelli, Tim, 2013. "Including quality attributes in efficiency measures consistent with net benefit: Creating incentives for evidence based medicine in practice," Social Science & Medicine, Elsevier, vol. 76(C), pages 159-168.
    7. Ali Chebbi, 2015. "Stochastic growth, taxation policy and welfare cost in an open emerging economy," International Review of Economics, Springer;Happiness Economics and Interpersonal Relations (HEIRS), vol. 62(1), pages 57-84, March.
    8. Shaw, W. Douglass & Woodward, Richard T., 2008. "Why environmental and resource economists should care about non-expected utility models," Resource and Energy Economics, Elsevier, vol. 30(1), pages 66-89, January.

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