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John Hicks - Wikipedia, the free encyclopedia He developed the famous "compensation" criteria called Kaldor-Hicks efficiency for welfare comparisons in 1939. From 1938 to 1946 Hicks was a Professor at the Victoria University of Manchester. Hicks was born in Leamington Spa in Warwickshire, England, and was educated at Clifton College and Balliol College, Oxford. en.wikipedia.org /wiki/John_R._Hicks   (243 words)

Kaldor-Hicks efficiency - Wikipedia, the free encyclopedia Kaldor-Hicks efficiency (named for Nicholas Kaldor and John Hicks) is a type of economic efficiency that captures some of the intuitive appeal of Pareto efficiency, while having less stringent criteria and therefore being applicable in more circumstances. The Hicks compensation test is from the losers point of view, while the Kaldor compensation test is from the gainers point of view. While all Kaldor-Hicks efficient situations are Pareto efficient, the reverse is not true. en.wikipedia.org /wiki/Kaldor-Hicks_efficiency   (668 words)

Articles - Microeconomics Total surplus is the primary measure used in Welfare Economics to evaluate the efficiency of a proposed policy. A basic technique of bargaining for both parties is to pretend that their surplus is less than it really is: sellers may argue that the price they asks hardly leaves them any profit, while customers may play down how eager they are to have the article. In such cases, economists may attempt to find policies that will avoid waste; directly by government control, indirectly by regulation that induces market participants to act in a manner consistent with optimal welfare, or by creating "missing" markets to enable efficient trading where none had previously existed. www.gaple.com /articles/Microeconomics   (15909 words)

COST-BENEFIT ANALYSIS, STATIC EFFICIENCY, AND THE GOALS OF ENVIRONMENTAL LAW The traditional view of CBA says that Kaldor-Hicks efficiency has fundamental moral significance; and the sum of compensating variations test is seen as equivalent, or at least roughly equivalent, to Kaldor-Hicks efficiency. Second, CBA traditionally understood is committed to Kaldor-Hicks efficiency as a bedrock moral criterion. Good law and economists are agnostic as between rules and standards even though they’re committed to overall well-being or its poor relation, namely Kaldor-Hicks efficiency. www.bc.edu /schools/law/lawreviews/meta-elements/journals/bcealr/31_3/04_TXT.htm   (4778 words)

iqexpand.com Economic efficiency means that the andquot;correct peopleandquot; (those who can afford it) will get the andquot;correct goods and... Examining the concept of economic efficiency is the purpose of this group of readings. (Redirected from Economic efficiency) Economic efficiency is a general term for the value assigned to a situation by some measure designed to capture the amount of... economic_efficiency.iqexpand.com /index.php?title=Efficiency_(economics)&action=edit   (223 words)

Yardsticks for "Trade and Environment": Economic Analysis of the WTO Panel and the Appellate Body Reports regarding Environment-oriented Trade Measures Section A discusses the definition of efficiency which is used in the first three Sections of this Chapter, namely the potential Pareto efficiency (PPE), or otherwise known as the Kaldor-Hicks efficiency, which is commonly used in the field of law and economics. The Kaldor-Hicks efficiency is more "practical" in the sense that it ignores whether a gainer from an action actually compensates a loser from the action. One objection to the concept of Pareto efficiency is that the conditions for Pareto superiority are very difficult to be satisfied in the real world due to imperfect informational problems and the fact that most of the transactions affect third parties. www.jeanmonnetprogram.org /papers/01/013701-04.html   (7581 words)

Pareto improvements and Kaldor-Hicks efficiency criterion Reckon Open This is a Kaldor-Hicks efficiency concept in which the participants are the person(s) owing the duty and the person(s) to whom the duty is owed — effects on other people are not to be taken into account (unless they are involved in another duty of care relationship). Having concluded that systematic reliance a Kaldor-Hicks efficiency concept would be incorrect, the discussion then turns to the extent to which such methods might be justified in some cases. When comparing larger (finite) changes, the ordering relation implied by either of the Kaldor or Hicks compensation criteria may not be anti-symmetric (the Scitovsky paradox) or transitive. www.reckon.co.uk /open/Pareto_improvements_and_Kaldor-Hicks_efficiency_criterion   (1964 words)

Economics, the Environment, and Sustainability The Kaldor-Hicks efficiency criterion focuses on evaluating how the net benefits from a policy change are distributed in the population. The Kaldor-Hicks efficiency criterion focuses on aggregate net benefits, with no attention to how they are distributed in the population. True or false: The Coase theorem states that efficient levels of environmental cleanup can be realized in the absence of regulation as long as polluters rather than those suffering from pollution are given ownership of the resource being polluted. www.humboldt.edu /~envecon/econ_309/quiz2b.htm   (747 words)

Inefficiency - Wikpedia In practice, this criterion is difficult to apply in a constantly-changing world, so many emphasize Kaldor-Hicks efficiency and inefficiency: a situation is inefficient if someone can be made better off even after compensating those made worse off -- even if the lonely hour of compensation never comes. Pareto efficiency theory says that one person could be made better off without making anyone else worse off. Allocative efficiency theory says that the distribution of resources between alternatives does not fit with consumer taste (perceptions of costs and benefits). www.bostoncoop.net /~tpryor/wiki/index.php?title=Inefficiency   (466 words)

Clifford Cobb / Review of From Posner to Post-Modernism The general approach has been to argue that 1) clarification of property rights is a necessary condition for economic efficiency and wealth maximization, and 2) judges and legislators should weigh costs and benefits in accordance with the Kaldor-Hicks efficiency criterion rather than the Pareto efficiency criterion. It differs from the Chicago school in that its adherents believe that 1) statutory law and regulations are often more efficient and equitable than common law, 2) distributional considerations are as important as allocative efficiency, 3) nonmonetary considerations should enter the calculus of justice, and 4) certain rights are nonalienable or nonfungible. On that basis, they have claimed that the common law yields efficient results and that it should not be overridden by statutes, even when there is evidence of market failure. www.cooperativeindividualism.org /cobb_lawandeconomics.html   (1174 words)

Prof K-H efficiency is often described as "potentially Pareto efficient" because if the value of social resources rises, then (assuming perfect continuity), you could compensate all of the losers by sharing the gain in surplus. More moderate view: Efficiency is probably ONE of many consequences worth thinking.  Why then should economists concentrate on it?  Because they have special training for distinguishing transfers from DW costs, but no special training in moral philosophy.  Economic analysis thus becomes a potentially useful input into the moral thinking of others. Most of the famous theorems in welfare economics discuss Pareto efficiency. www.gmu.edu /departments/economics/bcaplan/e812/micro1.htm   (1768 words)

Cost-benefit analysis links Reckon Open The report notes some of the difficulties with a Kaldor-Hicks criterion when there are other, e.g. Points out some of the problems that prevent the use of economic efficiency criteria in the context of policies for sustainable development, because of the absurdity of a notional compensation test applied across generations, and the shortcomings of the optimisation of personal consumption as a proxy for happiness or a basis for understanding human behaviour. The paper briefly reviews arguments based on the Austrian economics idea that, since the key feature of the market is to convey information, it is impossible for a lawyer or judge to use any efficiency concept to be "maximised" over society as a whole. www.reckon.co.uk /open/Cost-benefit_analysis_links   (1046 words)

Letters of Marque: Taking over the world That's just as difficult as maximizing Kaldor-Hicks efficiency." Well, it would be. But Kaldor-Hicks efficiency isn't always easy to determine. Bond efficiency, on the other hand, is quite simple. blog.qiken.org /archives/000154.html   (266 words)

Economics, the Environment, and Sustainability Pages 22-23: On Pareto and Kaldor-Hicks efficiency criteria. In this case the proposed policy change is more efficient than the status quo based on the Kaldor-Hicks criterion (aggregate net social benefits are increased relative to the alternative). For the change in policy to be more efficient than the status quo based on the Pareto criterion, an additional step is needed: those who gain from the change in policy would have to compensate those who lose so that nobody is made worse off. www.humboldt.edu /~storage/sh2/envecon/ancillary/corrections.html   (465 words)

No Treason » JTK on Economic Efficiency Kaldor-Hicks efficiency, on the other hand, refers to a situation in which it is impossible to rearrange the use of resources such that the total monetary value of all goods and services (i.e. Pareto efficiency refers to a situation in which there is no technologically possible way to rearrange our use of resources in order to make some people better off while not making anyone else worse off. Outside of the classroom when we hear an argument based on economic efficiency it is very often an argument for government intervention, something that could never be supported by Pareto efficiency it seems to me. www.no-treason.com /archives/2004/04/15/jtk-on-economic-efficiency   (1962 words)

SSRN-Beyond Efficiency and Procedure: A Welfarist Theory of Regulation by Matthew Adler Welfarism also rejects the normative significance of Kaldor-Hicks efficiency, and claims instead that overall well-being is relevant to the evaluation of regulatory programs and projects. Normative scholarship about regulation has been dominated by two types of theories, which I term "Neoclassical" and "Proceduralist." A Neoclassical theory has the following features: it adopts a simple preference-based view of well-being, and it counts Kaldor-Hicks efficiency as one of the basic normative criteria relevant to the evaluation of regulatory programs. Adler, Matthew D., "Beyond Efficiency and Procedure: A Welfarist Theory of Regulation" (February 2000). papers.ssrn.com /sol3/Delivery.cfm/...?abstractid=234175&mirid=2   (434 words)

corporations-nyu-allen-03.doc Usually Kaldor-Hicks efficiency — total net wealth creation a. Pareto Efficiency — resources are distributed so that no reallocation can make at least one person better off without leaving someone else worse off. Courts are not trained in economics and losers in ct prefer to hear about morality rather than efficiency. www.ilrg.com /students/outlines/download/corporations-nyu-allen-03.doc   (10759 words)

Legal Theory Lexicon: 10/01/2003 - 10/31/2003 Being able to articulate and argue about the proper interpretation of the reasonable-person standard equips you to understand debates about efficiency versus fairness (or deontology and consequentialism) that are fundamental to contemporary legal theory. Even if the Learned Hand formula is best interpreted as employing cost-benefit analysis or the economic idea of efficiency, it does not directly follow that the purpose of the law of negligence is itself to promote the most cost-beneficial consequences. Kenneth W. Simons, The Hand Formula in the Draft Restatement (Third) of Torts: Encompassing Fairness as Well as Efficiency Values, 54 Vanderbilt L. Rev. 901 (2001). legaltheorylexicon.blogspot.com /2003_10_01_legaltheorylexicon_archive.html   (6386 words)

botswana.ca - Kaldor Hicks efficiency We couldn't find any results for Kaldor Hicks efficiency in Books. Here are some other items you may be interested in. See Botswana with G. For a real adventure G. P offers active small-g... www.botswana.ca /Kaldor-Hicks-efficiency/news/search   (167 words)

Economic Efficiency in Law and Economics; Author: Zerbe Jr, Richard O. (Professor of Public Affairs, Daniel J. Evans School of Public Affairs and Adjunct Professor, Law School, University of Washington, USA); Paperback He establishes an expanded version of Kaldor-Hicks efficiency as an axiomatic system. Zerbe introduces a way to think about the concept of economic efficiency that is both consistent with its historical derivation and more useful than contemporary concepts. Economic Efficiency in Law and Economics; Author: Zerbe Jr, Richard O. (Professor of Public Affairs, Daniel J. Evans School of Public Affairs and Adjunct Professor, Law School, University of Washington, USA); Paperback www.netstoreusa.com /ljbooks/184/184064611X.shtml   (214 words)

Notes_on_Distribution.txt This is another definition of an efficient change, sometimes called `Wealth maximization'' or `Surplus maximization` or `Kaldor-Hicks Efficiency`. They are basic to everything that the government does, because government actions always have some impact on efficiency and also some impact on the distribution of wealth. These same issues come up in the workplace with employee compensation, as we discussed in class with the 20-cars-for-50-people example. www.bus.indiana.edu /erasmuse/g401/Notes_on_Distribution.txt   (528 words)

property_mixon_spring_2004.doc Paretto is higher level of efficiency than Kaldor-Hicks. Kaldor-Hicks Efficiency: If overall increase in utils i.e. If it’s Paretto efficient, then it’s also Kaldor-Hicks efficient. members.aol.com /djmcarter/images/property_mixon_spring_2004.doc   (3552 words)

Table of contents for Library of Congress control number 2003009141 000 @toc3a:Positive and Normative Analysis 000 Is Efficiency a Valid Norm for Evaluating Law? An Analysis of Land Title Systems* 000 @toc3b:Land Title Systems: Recording Versus Registration 000 Land Title Systems in the United States 000 @toc3a:Title Protection and Economic Development 000 @toc3:Limited and Divided Ownership 000 @toc3a:Leasing 000 @toc3b:The Lease: A Contract or Conveyance? 000 @toc3a:Frivolous Suits 000 Court Delay* 000 Alternative Dispute Resolution 000 @toc3:Evolution of the Law 000 @toc3a:Selection of Disputes for Trial 000 Is the Common Law Efficient? www.loc.gov /catdir/toc/ecip043/2003009141.html   (268 words)

Efficiency Efficiency (economics) There are several measures of economic efficiency : Pareto efficiency Kaldor-Hicks efficiency X-e... Kaldor-Hicks efficiency Kaldor-Hicks efficiency (named for economic efficiency that occurs only if the economic value of... The efficiency of an statistic T is defined as Although e is in general a function... www.brainyencyclopedia.com /topics/efficiency.html   (268 words)

Kaldor-Hicks efficiency - Wikipedia, the free encyclopedia Kaldor-Hicks efficiency (named for Nicholas Kaldor and John Hicks) is a type of economic efficiency that captures some of the intuitive appeal of Pareto efficiency, while having less stringent criteria and therefore being applicable in more circumstances. Under Pareto efficiency, an outcome is more efficient if at least one person is made better off and nobody is made worse off. Pareto efficiency does require making each party better off (or at least no worse off). en.wikipedia.org /wiki/Kaldor-Hicks_efficiency   (718 words)

Kaldor-Hicks efficiency Kaldor-Hicks efficiency (named for Nicholas Kaldor and John Hicks) is a type of economic efficiency that occurs only if the economic value of social resources is maximized. The Kaldor and Hicks methods are typically used as tests of Pareto efficiency rather than efficiency goals themselves. Using the Kaldor criterion an activity will contribute to Pareto optimality if the maximum amount the gainers are prepared to pay is greater than the minimum amount that the losers are prepared to accept. www.brainyencyclopedia.com /encyclopedia/k/ka/kaldor_hicks_efficiency.html   (647 words)

Inefficiency - Wikipedia, the free encyclopedia In practice, this criterion is difficult to apply in a constantly-changing world, so many emphasize Kaldor-Hicks efficiency and inefficiency: a situation is inefficient if someone can be made better off even after compensating those made worse off -- even if the lonely hour of compensation never comes. Allocative inefficiency- Allocative efficiency theory says that the distribution of resources between alternatives does not fit with consumer taste (perceptions of costs and benefits). For example, a company may have the lowest costs in "productive" terms, but the result may be inefficient in allocative terms because the "true" or social cost exceeds the price that consumers are willing to pay for an extra unit of the product. en.wikipedia.org /wiki/Inefficiency   (502 words)

ECONLAW.HTM If the argument is successful, Posner has shown that there are times when Kaldor-Hicks efficient moves are not inconsistent with what his principle of consent. Efficiency with respect to wealth, and efficiency with respect to human well being may often diverge, and it is an error to neglect the latter when we devote our attention to economic considerations. Efficiency and utility may arise as a social consequence of institutions that guarantee people's rights, but it is inappropriate to try to design an account of rights from an account of efficiency. www.public.iastate.edu /~jwcwolf/Papers/ECONLAW.HTM   (7427 words)

Yardsticks for "Trade and Environment": Economic Analysis of the WTO Panel and the Appellate Body Reports regarding Environment-oriented Trade Measures Section A discusses the definition of efficiency which is used in the first three Sections of this Chapter, namely the potential Pareto efficiency (PPE), or otherwise known as the Kaldor-Hicks efficiency, which is commonly used in the field of law and economics. One objection to the concept of Pareto efficiency is that the conditions for Pareto superiority are very difficult to be satisfied in the real world due to imperfect informational problems and the fact that most of the transactions affect third parties. In the field of economics, Pareto efficiency is normally utilized as the standard for efficiency. www.jeanmonnetprogram.org /papers/01/013701-04.html   (7581 words)

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