COLLECTIVE WELFARE AND DISTRIBUTIVE JUSTICE

COLLECTIVE WELFARE AND DISTRIBUTIVE JUSTICE

Year2018-2019
Course code: ECON4050
Course credits: 15
Taught: Semester 2
Course co-ordinatorProfessor Herve Moulin
Entry requirements: Normally admission to an honours programme in Economics.
Available to visiting students: Yes
Contact for more informationGillian Weir

Course description

We introduce the microeconomic concepts of distributive justice, first in the welfarist model known as Social Choice Theory, next in the resourcist approach to the distribution of scarce resources through prices or other tools. In the former we will discuss: Utilitarianism and Egalitarianism, the Nash product maximization and other bargaining compromises, Lorenz domination and inequality indices. In the latter the focus is on fair division rules like the Competitive equilibrium with Equal Incomes, normative requirements like No Envy, Resource Monotonicity, and Fair Share Guarantee, and applications to concrete protocols like Divide and Choose and auction mechanisms.

Learning and teaching methods

20 hours of lectures (10 x 2 hours), Thursday 12:00-14:00

Course texts

There is no single textbook coverinf the whole course, however relevant Chapters from several books will be posted, along with an extensive list of exercises, some of them with solutions.

Assessment

A 1-hour in-course exam (30%)
A 2-hour degree exam (April/May) (70%)