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Welfare Economics / Module 5: Choice Theory

Students need to study:
  • Theory of Public Choice and Policy Implications of Public Choice Theory
  • Divergence between Private and Social Costs
  • Problems of Non-market Interdependence
  • Externalities of Production and Consumption
  • External Economies and Diseconomies
  • Problem of Public Goods
  • Piguvian Welfare Economics
  • Second Best Optima
  • Marginal Cost Pricing
  • Cost Benefit Analysis
  • Interdependent Utilities
  • Attempts to Develop Dynamic Welfare Analysis
  • Sen's Contributions to Welfare Economics
  • Collective Choice and Social Welfare
  • Social Choice and Political Decision Making

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