Consequences, opportunities, and procedures
AbstractThis paper reflects on consequentialism which underlies the traditional normative economics. It asserts that the informational basis of normative economics should be expanded so that the intrinsic value of social choice procedures should be properly taken into account along with the value of their consequences. Three examples - the problem of fair cake division, the role of competition in the promotion of economic welfare, and bilateral trade restrictions - are invoked to pinpoint the services rendered by procedural considerations in making social welfare judgements. The Pareto libertarian paradox is also re-examined within the extended framework incorporating procedural considerations along with consequential considerations.
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Bibliographic InfoArticle provided by Springer in its journal Social Choice and Welfare.
Volume (Year): 16 (1999)
Issue (Month): 1 ()
Note: Received: 25 March 1997 / Accepted: 8 July 1997
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Web page: http://link.springer.de/link/service/journals/00355/index.htm
Other versions of this item:
- D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
- D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations
- F12 - International Economics - - Trade - - - Models of Trade with Imperfect Competition and Scale Economies; Fragmentation
- L13 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Oligopoly and Other Imperfect Markets
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- Ritxar Arlegi & Dinko Dimitrov, 2004.
"On Procedural Freedom of Choice,"
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0401, Departamento de Economía - Universidad Pública de Navarra.
- Nirvikar Singh, 2004. "The Impact of International Labor Standards: A Survey of Economic Theory," International Trade 0412007, EconWPA.
- Martin Sandbu, 2008. "Axiomatic foundations for fairness-motivated preferences," Social Choice and Welfare, Springer, vol. 31(4), pages 589-619, December.
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