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Some Principles of Practical Welfare Economics

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  • Julian L. Simon

    (University of Illinois)

Abstract

Non-profit institutions must make many kinds of decisions about allocations of resources. The theory is clear: allocate so that the marginal utility is equal in all uses. But this is more easily said than done. This paper suggests a series of heuristic steps by which real-life non-profit allocation situations can be coordinated to the marginal analysis. It discusses the assumptions that must and should be made and sets forth a conceptual framework for the analytic decisions. The process is illustrated with an example from library research--the decision about how many books should be placed into storage libraries to maximize the welfare of a university community.

Suggested Citation

  • Julian L. Simon, 1967. "Some Principles of Practical Welfare Economics," Management Science, INFORMS, vol. 13(10), pages 621-630, June.
    • Handle: RePEc:inm:ormnsc:v:13:y:1967:i:10:p:b621-b630
    DOI: 10.1287/mnsc.13.10.B621
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