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Economic Growth and Social Welfare: Operationalising Normative Social Choice Theory
Type: Book
ISBN: 978-0-44451-565-0

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Abstract

Details

Economic Growth and Social Welfare: Operationalising Normative Social Choice Theory
Type: Book
ISBN: 978-0-44451-565-0

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Article
Publication date: 26 September 2008

Nirvikar Singh

The purpose of this paper is to examine the impact of transaction costs on economic welfare and development, and the role of information technology (IT) in reducing…

Abstract

Purpose

The purpose of this paper is to examine the impact of transaction costs on economic welfare and development, and the role of information technology (IT) in reducing transaction costs.

Design/methodology/approach

The paper extends the static model of Romer, in which transaction costs reduce welfare by reducing the equilibrium number of intermediate goods, and estimate the welfare losses in the case of domestic transaction costs. The main analysis of the paper extends a dynamic model of Ciccone and Matsuyama to incorporate transaction costs. Also described are case studies of the use of IT in rural India.

Findings

In the static model, it is shown that domestic transaction costs have a substantial welfare impact when the number of goods is endogenous. In the dynamic model, it is shown that high transaction costs reduce the long‐run level of development, and may arrest development completely in the extreme case. Some preliminary, qualitative evidence from rural India is offered to illustrate how these reductions may occur through the use of IT.

Originality/value

The treatment of transaction costs in a dynamic model is novel, and the use of such a model provides a new theoretical underpinning for understanding the potential impacts of IT on development.

Details

Indian Growth and Development Review, vol. 1 no. 2
Type: Research Article
ISSN: 1753-8254

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Article
Publication date: 4 January 2013

Lusine Aramyan, Paul Ingenbleek, Gé Backus, Kees de Roest and Richard Tranter

The purpose of this paper is to analyse the likelihood of adoption of a recently designed Welfare Assessment System in agri‐food supply chains and the factors affecting…

Abstract

Purpose

The purpose of this paper is to analyse the likelihood of adoption of a recently designed Welfare Assessment System in agri‐food supply chains and the factors affecting the adoption decision. The application is carried out for pig and poultry chains.

Design/methodology/approach

This research consisted of two main components: interviews with retailers in pig and poultry supply chains in eight different EU countries to explore their perceptions towards the adoption possibilities of the welfare assessment system; and a conjoint analysis designed to evaluate the perceived adoption likelihood of the assessment system by different Standards Formulating Organisations (SFOs).

Findings

Stakeholders were found to be especially concerned about the costs of implementation of the system and how it could, or should, be merged with existing assurance schemes. Another conclusion of the study is that the presence of a strong third independent party supporting the implementation of the welfare assessment system would be the most important influence on the decision whether, or not, to adopt it.

Originality/value

This research evaluates the adoption possibilities of a novel Welfare Assessment System and presents the views of different supply chain stakeholders on an adoption of such a system. The main factors affecting the adoption decision are identified and analysed. Contrary to expectations, the costs of adoption of a new welfare assessment system were not considered to be the most important factor affecting the decision of supply chain stakeholders about the adoption of this new welfare system.

Details

International Journal of Quality & Reliability Management, vol. 30 no. 1
Type: Research Article
ISSN: 0265-671X

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Article
Publication date: 5 August 2019

Baomei Ma, Sifeng Liu, Jian Liu and Yuning Wang

This paper aims to study the corresponding optimal service strategies and pricing in the styled non-preemptive M/M/1 service systems from different objectives, which…

Abstract

Purpose

This paper aims to study the corresponding optimal service strategies and pricing in the styled non-preemptive M/M/1 service systems from different objectives, which consider both heterogeneous waiting costs of customers and service values in customer segmentation.

Design/methodology/approach

In this paper, the authors consider two service situations where customers cannot leave the service system (i.e. monopoly service system) and customers can leave the service system freely (i.e. non-monopoly service system), respectively. The authors study the following four different perspectives that are revenue, social welfare, social cost and utility of customers. The authors first build up a new model, then propose the related objective functions. Further, the authors optimize the corresponding functions and achieve the optimal results. Later, the authors propose the corresponding optimal strategies. Finally, the authors use a practical numerical case to verify the proposed results.

Findings

The results of this paper indicates that the service provider should adopt classification services to gain the maximum revenue, the maximum social welfare and the minimum social costs by charging a priority fee in above two service systems. However, the service provider should cancel customer classification and keep regular customer only to obtain maximum utility. In the monopoly service system, both the optimal proportion priority customers and the revenue decrease with the increasing of the service rate, while in a non-monopoly service system, both of them are increasing with the service rate improving.

Originality/value

This paper first considers both heterogeneity of service values and waiting costs in queuing system, then the author set up a new model based on this assumption. Moreover, the authors draw the corresponding management insights based on the optimal results, which were unavailable before.

Details

Kybernetes, vol. 48 no. 10
Type: Research Article
ISSN: 0368-492X

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Article
Publication date: 1 March 2005

William N. Thompson and R. Keith Schwer

This study seeks to find the dollar value of social costs of gambling. The authors use data from a survey of 99 members of Gamblers Anonymous (GA) groups in southern…

Abstract

This study seeks to find the dollar value of social costs of gambling. The authors use data from a survey of 99 members of Gamblers Anonymous (GA) groups in southern Nevada. The GA members were asked many questions about their behavior while they were active gamblers, such as how often they missed work because of gambling, how much they borrowed because of gambling, how much they stole because of gambling and their experiences with the judicial system and welfare systems because of gambling. Societal costs of each behavior were calculated and annualized. It was determined that each of the compulsive gamblers imposed social costs of $19,711 on others in southern Nevada. Of these costs, $1,428 (7.2%) were governmental costs, while $6,616 (33.6%) represented economic losses for southern Nevada. Using estimates of the numbers of pathological and problem gamblers in Nevada, it was determined that the overall social costs of compulsive and problem gambling in southern Nevada ranged from $314 million to $545 million per year.

Details

Journal of Public Budgeting, Accounting & Financial Management, vol. 17 no. 1
Type: Research Article
ISSN: 1096-3367

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Article
Publication date: 17 July 2020

David Adeabah and Charles Andoh

The study examines the relationship between the consequential social cost of market power (i.e. welfare performance of banks) and cost efficiency using data covering the…

Abstract

Purpose

The study examines the relationship between the consequential social cost of market power (i.e. welfare performance of banks) and cost efficiency using data covering the period 2009 to 2017 from the Ghanaian banking industry.

Design/methodology/approach

The study adopts the ordinary least squares (OLS), fixed effect (FE) panel regression and the quantile regression (QR) approaches to control for heterogeneity and provide increased room for policy relevance. The two-stage least squares instrumental variables (2SLS-IV) regression is used to ensure the robustness of the findings against the problem of possible reverse causality.

Findings

The results indicate a positive relationship between banks' welfare performance and cost efficiency, which suggests that greater cost efficiency hedges welfare losses. In other words, welfare gains and cost-efficient banks are not mutually exclusive. Also, the results show evidence that the sensitivity of welfare gain to cost efficiency depends on the knowledge of local market dynamics. Further, the findings from the QR estimation suggest that, but for welfare loss at low (Q.25) to the median (Q.50) quantiles, cost efficiency is a necessary and sufficient condition to hedge the welfare losses.

Practical implications

The results demonstrate that financial consumer protection cannot be achieved without cost efficiency in the presence of both foreign banks and high market knowledge. Therefore, our paper suggests an integrated cost efficiency policy approach that has the complementary effect of a robust information sharing mechanism and incentives to hedge against welfare losses in the banking sector of emerging economies. Moreover, if welfare gain is synonymous with cost-efficient banks, then the presence of a quiet life is typical of financial consumer protection.

Originality/value

This study provides insight into the importance of cost efficiency to the public policy of financial consumer protection in an era of foreign banks' dominance. From the review of prior literature, this paper is the first to apply the QR estimation technique to examine the effect of cost efficiency throughout the conditional distribution of bank welfare performance rather than just the conditional mean effect of cost efficiency.

Details

International Journal of Managerial Finance, vol. 16 no. 5
Type: Research Article
ISSN: 1743-9132

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Book part
Publication date: 2 June 2008

Viet Do and Ngo Van Long

We show that, even with flexible domestic wages, international outsourcing may worsen the welfare of the home country and reduce the profits of all firms. If wages are…

Abstract

We show that, even with flexible domestic wages, international outsourcing may worsen the welfare of the home country and reduce the profits of all firms. If wages are rigid, outsourcing is welfare-improving if and only if the sum of the “trade creation” effect and the “exploitation effect” exceeds the “trade diversion” effect. A wage subsidy may improve welfare. We also extend the model to a two-period framework. Delaying outsourcing can be gainful because the fixed cost of outsourcing may fall over time. A social planner would choose a different speed of outsourcing than that achieved under laissez-faire.

Details

Contemporary and Emerging Issues in Trade Theory and Policy
Type: Book
ISBN: 978-1-84950-541-3

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Article
Publication date: 1 June 1997

Jess S. Boronico

The 1980s and 1990s have seen competition emerge within industries traditionally imbued with monopoly status, for instance, the field of telecommunications. Within these…

Abstract

The 1980s and 1990s have seen competition emerge within industries traditionally imbued with monopoly status, for instance, the field of telecommunications. Within these industries, increased competition and the threat of the removal of statutory monopoly has resulted in greater awareness regarding the impact of quality on service and efficient pricing. Discusses, as an example, postal services, an industry of immense importance worldwide, suggests that the emphasis postal services place on the implementation of both timely and reliable service and competitive prices will inherently determine the success they will have withstanding the ever growing threat of international and national competition. While postal services and public utilities share similar peak‐load problems as discussed in the traditional natural monopoly literature, limited deferrability of mail service, together with service differentiated pricing, yields a framework sufficiently different so as to warrant a separate analysis. Presents a model which considers this analysis by developing welfare‐optimal prices, reliabilities and capacities under conditions of stochastic demand subject to reliability constraints on service quality and a minimum profit Ramsey constraint.

Details

Pricing Strategy and Practice, vol. 5 no. 2
Type: Research Article
ISSN: 0968-4905

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Article
Publication date: 28 September 2010

François Jeanjean

It is widely accepted that next‐generation infrastructures will improve economic growth and employment. However, the cost of such a roll‐out is high and profitability is

Abstract

Purpose

It is widely accepted that next‐generation infrastructures will improve economic growth and employment. However, the cost of such a roll‐out is high and profitability is uncertain. Therefore operators hesitate to invest massively. In such a context, public intervention could help rollout. Several forms of intervention are possible. This paper aims to study, more specifically, subsidy strategies: subsidising demand by a contribution to each household's subscription fee for a pre‐determined time (a refund, a tax cut) or subsidising infrastructure by means of a contribution to operators' infrastructure costs.

Design/methodology/approach

The paper uses a dynamic mathematical model based on industrial organization and numerical examples based on techno‐economic analysis.

Findings

This paper shows that subsidising demand is more efficient, in welfare terms, than infrastructure subsidies as long as the time required for private operators to cover an area, without subsidies, is shorter than the duration of the subsidies required to cover the same area immediately, thanks to the increase in consumers' willingness to pay.

Social implications

This paper can help policy makers to optimise public investments in the next‐generation infrastructure.

Originality/value

This paper highlights the leverage that subsidies can provide to infrastructure roll‐out in a dynamic point of view.

Details

info, vol. 12 no. 6
Type: Research Article
ISSN: 1463-6697

Keywords

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