Should a common central bank in a heterogeneous monetary union base its decisions on EU-wide averages of economic variables or on national welfare losses? A central bank that minimizes the sum of national welfare losses reacts less to common shocks. Under certain parameter constellations this...

The autonomy of individuals their view of the world in the past, had led to the problem that socially acceptable decisions could not be made in the absence of unanimity. This book addresses this shortcoming

Research on Economic Inequality, Volume 9, Inequality, Welfare and Poverty: Theory and Measurement continues the series of original, timely and useful papers in applied welfare analysis. This volume contains fifteen papers on inequality theory, economic mobility, issues in empirical estimation,...

The Social Welfare Function (SWF) is a decision rule to rank alternative social states in a complete fashion in terms of social welfare. This paper questions the philosophy of Paretian Principle as a desirable property of the SWF. It shows that it is possible to generalize the widely used Sen...