This paper argues that poverty assessments that use standard money-metric indicators of poverty overlook the welfare of communities highly vulnerable to weather-related extremes, and that an assessment of vulnerability to climate change should be an integral part of poverty assessment. Using...

The authors exhibit an efficient auction (i.e., an auction that maximizes expected surplus conditional on all private and public information). In the case of private value, it is well-known that the Vickrey auction (for one good) or its Groves-Clark extension (for multiple goods) is efficient in...

This paper takes an information-theoretic approach to the economics of science, extending Arrow's pioneering (1962) analysis of the allocation of resources for industrial research and invention. It addresses the questions: is there a valid economic distinction between scientific and...

This paper is about net national product (NNP). The authors are concerned with what NNP means, what it should include, what it offers us and, therefore, why we may be interested in it. They show that NNP, properly defined, can be used as a gauge for project evaluation, but they also show that it...

This paper is about measuring social well-being and evaluating policy. Section 1 concerns the links between the two, while Sections 2 and 3, respectively, are devoted to the development of appropriate methods for measuring and evaluating. In Section 2 I identify a minimal set of indices for...