Lecture Notes in Economics and Mathematical Systems

Efficiency and Equity in Welfare Economics

Authors: Nicola, PierCarlo

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About this book

Increasing efficiency in generating national income and improving equity in its distribution among economic agents is at the forefront of priorities of most modern economies. This book presents a model which aims to maximize a symmetrical welfare function under certain constraints which consider both efficiency and equity, i.e. taxes and subsidies, implemented by a public authority. The model is numerically implemented and considers a set of economic agents with starting incomes that satisfy Pareto income law under various values of the alpha parameter. Also, the model implementations respect the social production function. Various experiments are presented which show how income inequality (measured by means of the Lorenz curve and, what I call, the Lorenz-Gini inequality index) and measures of poverty are sensibly reduced by redistributing national income without lowering efficiency in production. A case study, or application, of Italian personal income in 2008 is also presented.

About the authors

PierCarlo Nicola was Professor of Mathematical Economics at the University of Milan, 1975-2009. Academician, Accademia Nazionale dei Lincei (Rome), since 2009 and Member of Istituto Lombardo, Accademia di Scienze e Lettere, Milan, since 1996.     

Table of contents (10 chapters)

Buy this book

eBook $69.95
price for USA (gross)
  • ISBN 978-3-642-30071-4
  • Digitally watermarked, DRM-free
  • Included format: PDF, EPUB
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Softcover $89.95
price for USA
  • ISBN 978-3-642-30070-7
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
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Bibliographic Information

Bibliographic Information
Book Title
Efficiency and Equity in Welfare Economics
Authors
Series Title
Lecture Notes in Economics and Mathematical Systems
Series Volume
661
Copyright
2013
Publisher
Springer-Verlag Berlin Heidelberg
Copyright Holder
Springer-Verlag Berlin Heidelberg
eBook ISBN
978-3-642-30071-4
DOI
10.1007/978-3-642-30071-4
Softcover ISBN
978-3-642-30070-7
Series ISSN
0075-8442
Edition Number
1
Number of Pages
XII, 156
Number of Illustrations and Tables
5 b/w illustrations
Topics