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About this product
- DescriptionThis text by one of Europe's leading ecomists covers a wide variety of public ecomics issues with great clarity and precision, illustrating them with a wealth of carefully-chosen examples and problems. Starting from theories of general equilibrium analysis, Laffont considers issues of market failure, collective decisionmaking, and distributional equity. He analyzes the important informational and motivational problems involved in planning solutions for market failures, and provides a rigorous justification for the theoretical foundations of public ecomics. Topics include the theories of externalities, public goods, collective choice, consumer surplus, cost-benefit analysis and/or theory of the second best, incomplete markets, and nconvexities. For each Laffont begins with the classical foundations, moves on to consider the topic within a simple model of the ecomy, and concludes by integrating results from recent journal articles into this simple framework. In this way students are led to understand the classical tradition in the context of modern general equilibrium theory. The book concludes with eight problems with solutions, each interesting and rich eugh to be considered a case study, and nine exercises without solutions; together they provide an excellent review of material covered in the text. The basic approach in each problem is to set up a general equilibrium model, discover the market failure by calculating the unfettered equilibrium, and develop an explicit planning solution. Fundamentals of Ecomics may be used in either an advanced graduate-level course in public ecomics or in conjunction with a second volume forthcoming by the same author in a course in advanced microecomics.
- Author BiographyJean-Jacques Laffont was Professor of Economics at theUniversite des Sciences Sociales de Toulouse and the InstitutUniversitaire de France and Director of the Institut d'EconomieIndustrielle.
- Author(s)Jean-Jacques Laffont
- PublisherMIT Press Ltd
- Date of Publication31/03/1988
- SubjectEconomics: Professional & General
- Series TitleFundamentals of Public Economics
- Place of PublicationCambridge, Mass.
- Country of PublicationUnited States
- ImprintMIT Press
- Weight522 g
- Width152 mm
- Height229 mm
- Spine23 mm
- Translated byJohn P. Bonin,Helene Bonin
- Format DetailsTrade paperback (US)
- Interest AgeFrom 18 years
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