Shadow prices, consistency and the value of life

This paper examines the consequences of inconsistent shadow pricing. The principal example of such inconsistency is the value of life/safety. Second-best shadow pricing policy is shown to depend upon how public sector budgets are allocated and the principle that public sector decision-makers should...

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Published in:Journal of public economics 1985-07, Vol.27 (2), p.177-193
Main Author: Dobbs, Ian M.
Format: Article
Language:English
Subjects:
Budgeting
Consistency
Decision making
Economic theory
Life
Market economies
Mathematical models
Public sector
Shadow prices
Value
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creator Dobbs, Ian M.
description This paper examines the consequences of inconsistent shadow pricing. The principal example of such inconsistency is the value of life/safety. Second-best shadow pricing policy is shown to depend upon how public sector budgets are allocated and the principle that public sector decision-makers should agree to a consistent shadow price is shown to require information unlikely to be available. A weaker consistency principle requiring minimal information is then developed.
doi_str_mv 10.1016/0047-2727(85)90045-3
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ispartof Journal of public economics, 1985-07, Vol.27 (2), p.177-193
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source International Bibliography of the Social Sciences (IBSS); Backfile Package - Economics, Econometrics and Finance (Legacy) [YET]
subjects Budgeting
Consistency
Decision making
Economic theory
Life
Market economies
Mathematical models
Public sector
Shadow prices
Value
title Shadow prices, consistency and the value of life
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