This major three-volume work contains key papers which reflect the innovation and imagination that has characterised the field of welfare economics during the last 50 years. The selections range from literary treatments to the most advanced mathematical presentation. However, all readers,...

Under stationarity, the heterogeneous stoahastic processes are the non-ergodic ones. We show that if a distributed lag is of finite order, then its coefficients are unconditional means of the underlying random coefficients. This result is applied to linear transformations of the process. The...