In defense of the Kaldor-Hicks criterion

被引：4
|
作者：
Mukoyama, Toshihiko [1 ]
机构：
[1] Georgetown Univ, Dept Econ, 3700 O St NW, Washington, DC 20057 USA
来源：
ECONOMICS LETTERS | 2023年 / 224卷
关键词：
Kaldor-Hicks criterion; Cost-benefit analysis; Heterogeneous -agent macroeconomics; Redistribution; WELFARE PROPOSITIONS;
D O I：
10.1016/j.econlet.2023.111031
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper argues the Kaldor-Hicks criterion can be a sensible criterion for judging the policy benefit in a dynamic economy if the agents can trade state-contingent securities regarding a future policy change. When the probability of the policy change is very small, ex-ante security trades can increase everyone's consumption after the policy implementation when the Kaldor-Hicks criterion is met, even without an ex-post redistribution by the government.(c) 2023 Elsevier B.V. All rights reserved.
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页数：4
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