Titlebook: Classic Papers in Natural Resource Economics; Chennat Gopalakrishnan (Professor) Book 2000 Palgrave Macmillan, a division of Macmillan Pub

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Uncertainty and the Evaluation of Public Investment Decisionsted that individuals are not indifferent to uncertainty and will not, in general, value assets with uncertain returns at their expected values. Depending upon an individual’s initial asset holdings and utility function, he will value an asset at more or less than its expected value. Therefore, in pr

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Externality, divergencies between marginal social and marginal private cost or product, spillover and neighbourhood effects, collective or public goods – externality dominates theoretical welfare economics, and, in one sense, the theory of economic policy generally. Despite this importance and emphasis, rigoro

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On Divergences between Social Cost and Private Costng a subsidy equal to the difference now seems too simple a notion. Three recent articles have shown us this. First came Professor Coase’s “The Problem of Social Cost”, then Davis and Whinston’s “Externalities, Welfare and the Theory of Games” appeared, and, finally, Buchanan and Stubblebine have pu

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