Chapter 1 The “Correct” Definition of “the Impact of a Choice on Economic Efficiency”

  • Richard S. Markovits


Defined in the way that conforms with professional and popular understanding and creates a concept that is most useful, the impact of a choice on economic efficiency equals the difference between the equivalent-dollar gains the choice confers on its beneficiaries (the winners) and the equivalent-dollar losses it imposes on its victims (the losers). More controversially, in this formulation, a winner’s equivalent-dollar gain equals the number of dollars that would have to be transferred to him to leave him as well-off as the choice would leave him if


Economic Efficiency Equivalent Variation Government Decision Money Transfer Moral Integrity 
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© Springer-Verlag Berlin Heidelberg 2014

Authors and Affiliations

  • Richard S. Markovits
    • 1
  1. 1.School of LawThe University of TexasAustinUSA

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