Clayton First semester 2008 (Day)
A study of theories in welfare economics, including conditions for Pareto optimality, welfare criteria, social choice, consumer surpluses, second versus third best, externalities and public goods as well as problems of applying these theories to such areas as public utility pricing, optimal taxation, road congestion, environmental protection, and public spending.
Within semester assessment: 40%
Examination (3 hours): 60%
Three contact hours per week