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      Chapter

      Welfare Analysis
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      Chapter

      Welfare Analysis

      DOI link for Welfare Analysis

      Welfare Analysis book

      Welfare Analysis

      DOI link for Welfare Analysis

      Welfare Analysis book

      ByNeva Goodwin, Jonathan M. Harris, Julie A. Nelson, Pratistha Joshi Rajkarnikar, Brian Roach, Mariano Torras
      BookPrinciples of Economics in Context

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      Edition 2nd Edition
      First Published 2019
      Imprint Routledge
      Pages 20
      eBook ISBN 9780429438752
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      ABSTRACT

      Welfare economics is a branch of microeconomics that seeks to estimate the social welfare of different scenarios in order to determine ways to maximize net social benefits. Welfare economics can be studied from both a theoretical perspective and a quantitative applied perspective. Consumers obtain a practical benefit from many purchases, such as nutrition by buying a meal or transportation by buying gasoline. In other cases, the benefits are less tangible, such as the enjoyment of listening to music or watching a movie. Of course consumers are rarely required to think about the exact maximum amount that they would be willing to pay for something. In the real world, consumers are normally presented with a price, and either they buy the product or they do not. So, at first glance, it seems that estimating consumer surplus quantitatively is not a realistic option.

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