An expected utility based cost-benefit analysis is in general fragile to its distributional assumptions. We derive … necessary and sufficient conditions on the utility function of the expected utility model to avoid this. The conditions ensure … that expected (marginal) utility remains finite also under heavy-tailed distributional assumptions. Our results are context …

economists had done "work of high quality and great quantity in the field of taxation," the theory of public expenditure had been … inquiries. Indeed, by the mid-1980s the 'public expenditure theory' lacuna lamented by Samuelson had largely been filled with … explain this transformation, locating its origins in Richard Musgrave's normative theory of the public household and the …

approach. Reported subjective well-being data are used to directly evaluate utility consequences of public goods. The strengths … to estimate utility losses caused by terrorist activities in France, the UK and the Republic of Ireland. Terrorism in … terrorism and income requires improved measurement of the marginal utility of income. …

. Therefore, it is sometimes suggested to use labour contributions instead of money as a numeraire to measure utility in such … welfare theory because of several inconsistencies. We also illustrate the validity of our arguments empirically based on the …