IDEAS home Printed from https://ideas.repec.org/h/spr/sprchp/978-3-030-79812-3_1.html
   My bibliography  Save this book chapter

The Concept of “The Impact of a Choice (or Natural Event) on Economic Efficiency”

In: Welfare Economics and Antitrust Policy - Vol. I

Author

Listed:
  • Richard S. Markovits

    (University of Texas School of Law)

Abstract

This chapter analyzes the “correct” definition of the concept of “the impact of a choice or natural event on economic efficiency.” Sect. 1.1 argues that definitions of this type of concept should be evaluated by their conformity to professional and popular understanding and their ability to contribute to the analyses in which they will be used. Section 1.2 articulates, elaborates on, and attempts to justify a monetized equivalent-variation-oriented definition of “the impact of a choice on economic efficiency” that it argues best satisfies these criteria. According to this definition, a choice’s impact on economic efficiency equals the difference between the number of dollars that would on appropriate assumptions I articulate and justify have to be transferred to its beneficiaries to leave them as well-off as the choice would leave them and the number of dollars whose withdrawal from the choice’s losers would on appropriate assumptions leave them as poorly-off as the choice would leave them.

Suggested Citation

  • Richard S. Markovits, 2021. "The Concept of “The Impact of a Choice (or Natural Event) on Economic Efficiency”," Springer Books, in: Welfare Economics and Antitrust Policy - Vol. I, chapter 0, pages 7-10, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-79812-3_1
    DOI: 10.1007/978-3-030-79812-3_1
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spr:sprchp:978-3-030-79812-3_1. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.