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The dimension of the reasonable in the microeconomics of William Vickrey

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Author Info
Jorge Ivan Gonzalez () (Universidad Nacional de Colombia)
Abstract

William Vickrey, Nobel Laureate in 1996, made many significant contributions to economics. Paradoxically, his work can be considered both as the epitome of orthodoxy and as profoundly heterodox. This article reviews some of Vickrey’s major writings in fields as varied as the macroeconomics of full employment, the substantive normative implications of microeconomics, welfare economics, public economics, pricing under conditions of decreasing marginal costs, and urban economics. Two strains run through Vickrey’s thought: the concept of the reasonable (as distinguished from the rational); and a pervasive ethical concern for the welfare of the other

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File URL: http://www.fce.unal.edu.co/cej/number2/3-Gonzalez.pdf
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Article provided by Academia Colombiana de Ciencias Economicas, Colegio Mayor de Nuestra Senora del Rosario, Pontificia Universidad Javeriana, Universidad de Antioquia, Universidad de los Andes, Universidad del Valle, Universidad Externado de Colombia, Universidad Nacional de Colombia in its journal Colombian Economic Journal.

Volume (Year): 2 (2004)
Issue (Month): 1 (November)
Pages: 45-79
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Handle: RePEc:cej:primer:v:2:y:2004:i:1:p:45-79

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Related research
Keywords: reasonableness; microeconomics; ethics;

Find related papers by JEL classification:
B31 - Schools of Economic Thought and Methodology - - History of Thought: Individuals - - - Individuals
D00 - Microeconomics - - General - - - General
D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Vickrey, William, 1992. "An Updated Agenda for Progressive Taxation," American Economic Review, American Economic Association, vol. 82(2), pages 257-62, May. [Downloadable!] (restricted)
  2. William Vickrey, 1947. "PART IV: Resource Distribution Patterns and the Classification of Families," NBER Chapters, in: Studies in Income and Wealth, pages 266-297 National Bureau of Economic Research, Inc. [Downloadable!]
  3. Rothkopf, Michael H & Harstad, Ronald M, 1995. "Two Models of Bid-Taker Cheating in Vickrey Auctions," Journal of Business, University of Chicago Press, vol. 68(2), pages 257-67, April. [Downloadable!] (restricted)
  4. John C. Harsanyi, 1953. "Cardinal Utility in Welfare Economics and in the Theory of Risk-taking," Journal of Political Economy, University of Chicago Press, vol. 61, pages 434. [Downloadable!] (restricted)
  5. Vickrey, William, 1993. "Today's Task for Economists," American Economic Review, American Economic Association, vol. 83(1), pages 1-10, March.
  6. Sen, Amartya, 1993. "Markets and Freedoms: Achievements and Limitations of the Market Mechanism in Promoting Individual Freedoms," Oxford Economic Papers, Oxford University Press, vol. 45(4), pages 519-41, October. [Downloadable!] (restricted)
  7. Sen, Amartya K, 1979. "Personal Utilities and Public Judgements: Or What's Wrong with Welfare Economics?," Economic Journal, Royal Economic Society, vol. 89(355), pages 537-58, September. [Downloadable!] (restricted)
  8. Sen, Amartya, 1970. "The Impossibility of a Paretian Liberal," Journal of Political Economy, University of Chicago Press, vol. 78(1), pages 152-57, Jan.-Feb.. [Downloadable!] (restricted)
  9. Rothkopf, Michael H & Teisberg, Thomas J & Kahn, Edward P, 1990. "Why Are Vickrey Auctions Rare?," Journal of Political Economy, University of Chicago Press, vol. 98(1), pages 94-109, February. [Downloadable!] (restricted)
  10. Amartya Sen, 1997. "Maximization and the Act of Choice," Econometrica, Econometric Society, vol. 65(4), pages 745-780, July.
    Other versions:
  11. William Vickrey, 1934. "Averaging of Income for Income-Tax Purposes," Journal of Political Economy, University of Chicago Press, vol. 47, pages 379. [Downloadable!] (restricted)
  12. Browning, Martin & Francois Bourguignon & Pierre-Andre Chiappori & Valerie Lechene, 1994. "Income and Outcomes: A Structural Model of Intrahousehold Allocation," Journal of Political Economy, University of Chicago Press, vol. 102(6), pages 1067-96, December. [Downloadable!] (restricted)
    Other versions:
  13. Gary S. Becker, 1968. "Crime and Punishment: An Economic Approach," Journal of Political Economy, University of Chicago Press, vol. 76, pages 169. [Downloadable!] (restricted)
    Other versions:
  14. Becker, Gary S, 1981. "Altruism in the Family and Selfishness in the Market Place," Economica, London School of Economics and Political Science, vol. 48(189), pages 1-15, February.
  15. Gary S. Becker, 1962. "Investment in Human Capital: A Theoretical Analysis," Journal of Political Economy, University of Chicago Press, vol. 70, pages 9. [Downloadable!] (restricted)
  16. Vickrey, William S, 1969. "Congestion Theory and Transport Investment," American Economic Review, American Economic Association, vol. 59(2), pages 251-60, May. [Downloadable!] (restricted)
  17. William Vickrey, 1962. "One Economist's View of Philanthropy," NBER Chapters, in: Philanthropy and Public Policy, pages 31-56 National Bureau of Economic Research, Inc. [Downloadable!]
  18. Vickrey, William, 1992. "Chock-Full Employment without Increased Inflation: A Proposal for Marketable Markup Warrants," American Economic Review, American Economic Association, vol. 82(2), pages 341-45, May. [Downloadable!] (restricted)
  19. Arnott, Richard, 1997. "Introduction," Regional Science and Urban Economics, Elsevier, vol. 27(4-5), pages 343-343, August. [Downloadable!] (restricted)
  20. John C. Harsanyi, 1955. "Cardinal Welfare, Individualistic Ethics, and Interpersonal Comparisons of Utility," Journal of Political Economy, University of Chicago Press, vol. 63, pages 309. [Downloadable!] (restricted)
  21. Barro, Robert J, 1974. "Are Government Bonds Net Wealth?," Journal of Political Economy, University of Chicago Press, vol. 82(6), pages 1095-1117, Nov.-Dec.. [Downloadable!] (restricted)
  22. Sen, Amartya, 1992. "Minimal Liberty," Economica, London School of Economics and Political Science, vol. 59(234), pages 139-59, May. [Downloadable!] (restricted)
  23. William Vickrey, 1971. "Responsive Pricing of Public Utility Services," Bell Journal of Economics, The RAND Corporation, vol. 2(1), pages 337-346, Spring. [Downloadable!] (restricted)
  24. William Vickrey, 1948. "Some Objections to Marginal-Cost Pricing," Journal of Political Economy, University of Chicago Press, vol. 56, pages 218. [Downloadable!] (restricted)
Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Jorge Iván González, 2006. "Los aportes de Eduardo Wiesner al pensamiento económico colombiano," Revista de Economía Institucional, Universidad Externado de Colombia - Facultad de Economía, vol. 8(14), pages 17-53, January-J. [Downloadable!]
  2. Óscar A. Alfonso R., 2005. "La ciudad segmentada: una revisión de la síntesis espacial neoclásica," Revista de Economía Institucional, Universidad Externado de Colombia - Facultad de Economía, vol. 7(13), pages 159-191, July-Dece. [Downloadable!]
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