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Welfare Economics / Module 3: Pre-Paretian Welfare Economics

Students need to study:
  • Benthamite Approach to Aggregate Welfare
  • Optimum Resource Allocation and Welfare Maximization
  • Assumption of Uniform Income
  • Utility Function of Individuals
  • Question of Income Distribution
  • Issue of Interpersonal Comparisons of Utility Principles of Compensating Variation
  • Hick's Four Consumer's Surpluses
  • Concept of Consumer's Surplus
  • Consumer's Surplus and Tax-Bounty Analysis

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