Optimal Public Goods Provision: Implications of Endogenizing the Labor/Leisure Choice
AbstractConventional analysis of public goods provision aggregates individual willingness to pay while treating income as exogenous, ignoring the fact that we generate income to allow us to purchase utility-generating goods. We explore the implications of endogenizing the labor/leisure decision by explicitly considering leisure demand in a model of public goods provision. We consider benefit analysis of public goods provision and find that increments of the public good will generally be under-valued using conventional analysis while decrements to the public good (rare in public good settings) will be overvalued.
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Bibliographic InfoArticle provided by University of Wisconsin Press in its journal Land Economics.
Volume (Year): 84 (2008)
Issue (Month): 4 ()
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Web page: http://le.uwpress.org/
Other versions of this item:
- Flores, Nicholas E. & Graves, Philip E., 2008. "Optimal public goods provision: implications of endogenizing the labor/leisure choice," MPRA Paper 19923, University Library of Munich, Germany.
- C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
- D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis
- Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects
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- Philip E. Graves, 2010. "Benefit-Cost Analysis of Environmental Projects: A Plethora of Systematic Biases," CESifo Working Paper Series 3144, CESifo Group Munich.
- Graves, Philip E., 2009.
"A note on the valuation of collective goods: overlooked input market free riding for non-individually incrementable goods,"
19928, University Library of Munich, Germany.
- Graves Philip E, 2009. "A Note on the Valuation of Collective Goods: Overlooked Input Market Free Riding for Non-Individually Incrementable Goods," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 9(1), pages 1-20, February.
- Philip E. Graves, 2011.
"Appropriate Fiscal Policy over the Business Cycle: Proper Stimulus Policies Can Work,"
The IUP Journal of Governance and Public Policy,
IUP Publications, vol. 0(2), pages 26-32, June.
- Philip E. Graves, 2010. "Appropriate Fiscal Policy over the Business Cycle: Proper Stimulus Policies Can Work," CESifo Working Paper Series 3160, CESifo Group Munich.
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