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Prerequisites
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Duration
Identical coursesWelfare Economics (B-KUL-D0M44B)
Aims
This course gives an introduction to modern normative public economics and second best theory (with empirical applications) and explores the links with recent advances in social choice theory.
Upon completion of this course, the student can
*explain the trade-offs between different values (e.g. efficiency and equality)
*formalize in an adequate way different notions of justice
*analyse specific policy issues on the basis of a coherent ethical framework
Previous knowledge
Students should have followed a course in intermediate microeconomics.
Is included in these courses of study
- Master of Economics (Leuven) 60 ects.
- Master in de economische wetenschappen (Leuven) 60 ects.
- Master in de toegepaste economische wetenschappen (Leuven) 60 ects.
- Master in de toegepaste economische wetenschappen (Leuven) (Minor: Economie en beleid) 60 ects.
- Master handelsingenieur (Leuven) 120 ects.
- Master handelsingenieur (Leuven) (Minor: Economie) 120 ects.
- Master of Business Economics (Leuven) 60 ects.
- Master of Business Economics (Leuven) (Minor 9: Economics and Policy) 60 ects.
- Master of Business Engineering (Leuven) 120 ects.
- Master of Business Engineering (Leuven) (Minor: Economics) 120 ects.
- Educatieve master in de economie (Leuven) 90 ects.
- Master of Bioscience Engineering: Agro- and Ecosystems Engineering (Leuven) (Major Subject: Agricultural and Resource Economics) 120 ects.
- Courses for Exchange Students Faculty of Economics and Business (Leuven)
Activities
6 ects. Welfare Economics (B-KUL-D0M44a)
Content
- First best and second best
- Traditional social choice: Arrow’s impossibility theorem, social welfare functions, optimal income taxation, tax reform, no-envy criterion.
- Non-welfarist social choice: limitations of welfarism, Sen’s approach of basic capabilities, Paretian liberal and the theory of rights, compensation and responsibility, equality of opportunity (with empical applications: taxation).
- Empirical work on justice opinions in the population.
Course material
Used Course Material
*Recent papers from scientific journals. This material changes from year to year.
Additional Recommended Course Material
/
Toledo
*Toledo is being used for this course.
Format: more information
Lectures, group discussions.
Evaluation
Evaluation: Welfare Economics (B-KUL-D2M44b)
Explanation
Features of the evaluation
* The evaluation consists of a written, open book exam with open questions.
Determination of final grades
* The grades are determined by the lecturer as communicated via Toledo and stated in the examination schedule. The result is calculated and communicated as a whole number on a scale of 20.
Second examination opportunity
* The features of the evaluation and determination of grades are similar to those of the first examination opportunity, as described above.