M.A. ECONOMICS (SEMESTER-WISE) - Dr BR Ambedkar University

DR. BHIM RAO AMBEDKAR UNIVERSITY, AGRA .• Perman, R. Ma and J. McGilvary, Natural Resource and Environmental Economics, Longman,London.• Sankar, U., Environmental Economics, Oxford University Press, New Delhi.• Tietenberg, T., Environmental Economics and Policy, Harper Collins, New York.M.A. ECONOMICSSEMESTER WISE - DETAILED SYLLABUSFIRST SEMESTEROPTIONAL PAPER – 104 (C)WELFARE ECONOMICSUNIT 1:Approach to Aggregate Welfare; Optimum Resource Allocation and Welfare Maximization, Assumptionof Uniform Income — Utility Function of Individuals; Question of Income Distribution; Issue ofInterpersonal Comparisons of Utility; Marshallian Welfare Economics; Consumer’s Surplus;Measurement of Consumer’s Surplus — Difficulties involved, Criticism; Principle of CompensatingVariation; Hicks’s Four Consumer’s Surpluses; Concept of Consumer’s Surplus; Consumer’s Surplus andTax-Bounty AnalysisUNIT 2:Pareto optimality — Optimum exchange conditions, The production optimum, The consumptionoptimum; Concept of contract curve; Top level optimum; Infinite number of non-comparable optima vs.unique social optimum; Compensation criteria.UNIT 3:Contributions of Barone, Kaldor and Hicks; The Scitovsky double criterion; Concept of communityindifference map, Samuelson’s utility possibility curve; Value judgments and welfare economics;Bergson’s social welfare function, Arrow’s possibility theorem.Page 20