This paper describes an efficiency approach to the evaluation of policy changes. Rather than comparing the utility …

instruments. In a simple model with identical consumers, we show conditions under which the same efficiency can be attained by the … efficiency can again be obtained, but only if each person's gasoline tax rate can be made to depend on the characteristics of the …

This paper employs analytical and numerical general equilibrium models to assess the efficiency impacts of two policies … put the carbon quota at a signficant efficiency disadvantage relative to the carbon tax: the costs of reducing emissions …. Indeed, second-best considerations severely limit the potential of a carbon quota to general overall efficiency gains. Under …

How should we measure economic efficiency? The canonical measure is an unweighted sum of willingnesses to pay. In … contrast, this paper provides efficient welfare weights that implement the Kaldor-Hicks tests for efficiency but account for ….5-2x more than surplus to the rich. I illustrate how to use these weights to evaluate the efficiency of government policy …