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1、2NotesonWelfareEconomics,Information,andUncertaintyl.INTRODUCTIONThesenotes,althoughnotentirelytentative,arelesssystematicthanIwouldwish.Theirpurposeistoshowhow,inaworldwithimperfectandunreliableinformation,theArrow-Debreuframeworkforwelfareeconomicsisunsatisfactory,andmatmodelsakintothoseno
2、wusedinthetheoryofpublicfinancemaybemoreappropriate.1shallnordiscussallthereasonsthaturgeonetoextendoravoidthestandardmodels.Inparticular,asArrowandothershavepointedout,theproductionofinformation-asinmedicalcare,invention,or,presumably,theeducationalsystem-requiresspecialtreatment;butIshalln
3、otsaymuchaboutit.WhatIamgoingtoconsideristheinformationagovernmentmighthaveaboutconsumers,orconsumersaboutgovernment.Ishallbethinkingofwelfareeconomicsasamodeofdiscussingalternativegovernmentpolicies,andalsoaspartofthediscussionaboutalternativesystemsofgovernment.Thepoliciesagovernmentcanado
4、pt,andthepoliciesitshouldadopt,dependuponinformationaboutconsumers,whattheydoandwhattheyare.Thus,thefundamentaltheoremofwelfareeconomicsinvitesgovernmentstodistributetohouseholdsquantitiesofresourcesthatareafunctionofwhatthehouseholdsare(notwhattheychoosetodo),inthehopethattherightcompetitiv
5、eequilibriwnwillestabllshitself.IntheArrow-Debreutheory,thisdistributionofresourcesiscarriedoutinadvanceofknowingthestateoftheworld,butwithcompleteinformationaboutthecharacteristicsofthehouseholds.Agreatmanyinsuranceandfuturesmarketsarerequirediftheoptimumistobeacompetitiveequilibrium,butIsh
6、allnotconcernmyselfdirectlywiththatwell-knowndifficulty.Ishallaskwhatshouldbedone-forreasonstobeexplaincd-(1)ifthedistributiondependsonthestateofnature,and(2)ifinformationaboutthecharacteristicsofhouseholdsisimperfect.Ishallalsoincludesomeremarksonpreferencesregardinguncertainty.Thjschapterw
7、asoriginallypublishedinM.S.Balch,D.L.McFadden,andS.Y.Wu(eds.).EssaysonEcm1omicBehalliortmderUncertainty(Amsterdam:North-Holland.1974).Reproducedbylcindpennissionoftheeditors.24WelfareEconomics2.REDISTRIBUTIONANDRISK-TAKINGTheArrow-Debreuformulation
