Revisiting the ordered family of Lorenz curves (2007)
Wang, ZuXiang, Ng, Yew-Kwang, Smyth, Russell
Sarabia et al. (1999) present a basic model to create ordered families of Lorenz curves, along with basic theorems that describe the conditions for the models to satisfy the definition of the Lorenz...
Revisiting the ordered family of Lorenz curves (2007)
Wang, ZuXiang, Ng, Yew-Kwang, Smyth, Russell
Sarabia et al. (1999) present a basic model to create ordered families of Lorenz curves, along with basic theorems that describe the conditions for the models to satisfy the definition of the Lorenz...
Revisiting the ordered family of Lorenz curves (2007)
Wang, ZuXiang, Ng, Yew-Kwang, Smyth, Russell
Sarabia et al. (1999) present a basic model to create ordered families of Lorenz curves, along with basic theorems that describe the conditions for the models to satisfy the definition of the Lorenz...
Clarke, Matthew, Ng, Yew-Kwang
The culling of kangaroos at the Puckapunyal Army base (Australia) raises some intriguing ethical issues around animal welfare. After discussing the costs and benefits of the cull, this paper...
Clarke, Matthew, Ng, Yew-Kwang
The culling of kangaroos at the Puckapunyal Army base (Australia) raises some intriguing ethical issues around animal welfare. After discussing the costs and benefits of the cull, this paper...
Clarke, Matthew, Ng, Yew-Kwang
The culling of kangaroos at the Puckapunyal Army base (Australia) raises some intriguing ethical issues around animal welfare. After discussing the costs and benefits of the cull, this paper...
A theory of age-dependent value of life and time (2004)
Sun, Guang-Zhen, Ng, Yew-Kwang
A model is constructed to examine how the utility and dollar values of life and time change as one ages, encompassing several previous studies as special cases. If the interest rate is no higher than...
A theory of age-dependent value of life and time (2004)
Sun, Guang-Zhen, Ng, Yew-Kwang
A model is constructed to examine how the utility and dollar values of life and time change as one ages, encompassing several previous studies as special cases. If the interest rate is no higher than...
A theory of age-dependent value of life and time (2004)
Sun, Guang-Zhen, Ng, Yew-Kwang
A model is constructed to examine how the utility and dollar values of life and time change as one ages, encompassing several previous studies as special cases. If the interest rate is no higher than...
The Smith Dilemma: Towards A Resolution (2003)
Ng, Yew-Kwang, Zhang, Dingsheng
The Smith dilemma refers to the inconsistency ('strictly an error') between the Smith theory on the efficiency of the market based on the absence of increasing returns and the Smith theorem on the...
Ng, Yew-Kwang, Zhang, Dingsheng
The analysis of economies of specialization at the individual level by Yang & Shi (1992) and Yang & Ng (1993) is combined with the Dixit & Stiglitz (1977) analysis of monopolistic-competitive firms...
Increasing Returns and Economic Efficiency (2003)
This paper argues that, from the viewpoint of Pareto optimality, the industries with increasing returns are under-expanded relative to those without increasing returns and those with higher degrees...
The Smith Dilemma: Towards A Resolution (2003)
Ng, Yew-Kwang, Zhang, Dingsheng
The Smith dilemma refers to the inconsistency ('strictly an error') between the Smith theory on the efficiency of the market based on the absence of increasing returns and the Smith theorem on the...
Ng, Yew-Kwang, Zhang, Dingsheng
The analysis of economies of specialization at the individual level by Yang & Shi (1992) and Yang & Ng (1993) is combined with the Dixit & Stiglitz (1977) analysis of monopolistic-competitive firms...
Increasing Returns and Economic Efficiency (2003)
This paper argues that, from the viewpoint of Pareto optimality, the industries with increasing returns are under-expanded relative to those without increasing returns and those with higher degrees...
The Smith Dilemma: Towards A Resolution (2003)
Ng, Yew-Kwang, Zhang, Dingsheng
The Smith dilemma refers to the inconsistency ('strictly an error') between the Smith theory on the efficiency of the market based on the absence of increasing returns and the Smith theorem on the...
Ng, Yew-Kwang, Zhang, Dingsheng
The analysis of economies of specialization at the individual level by Yang & Shi (1992) and Yang & Ng (1993) is combined with the Dixit & Stiglitz (1977) analysis of monopolistic-competitive firms...
Increasing Returns and Economic Efficiency (2003)
This paper argues that, from the viewpoint of Pareto optimality, the industries with increasing returns are under-expanded relative to those without increasing returns and those with higher degrees...
Governments have been very active in engaging in and in encouraging the improvements in transaction efficiency, including the provision of legal, social, and economic infrastructures. While this may...
Intertemporal Impartial Welfare Maximization: Replacing Discounting by Probability Weighting (2002)
Impartiality requires putting the welfare of future generations at par with that of our own. However, rational choice requires weighting all welfare values by the respective probabilities of...
Time Is More Precious For The Young, Life Is More Valuable For The Old (2002)
It is generally believed that life is more valuable for the young as they expect to live longer. It is also generally believed that time is more precious for the middle-aged and the old as they have...
Governments have been very active in engaging in and in encouraging the improvements in transaction efficiency, including the provision of legal, social, and economic infrastructures. While this may...
Intertemporal Impartial Welfare Maximization: Replacing Discounting by Probability Weighting (2002)
Impartiality requires putting the welfare of future generations at par with that of our own. However, rational choice requires weighting all welfare values by the respective probabilities of...
Time Is More Precious For The Young, Life Is More Valuable For The Old (2002)
It is generally believed that life is more valuable for the young as they expect to live longer. It is also generally believed that time is more precious for the middle-aged and the old as they have...
Governments have been very active in engaging in and in encouraging the improvements in transaction efficiency, including the provision of legal, social, and economic infrastructures. While this may...
Intertemporal Impartial Welfare Maximization: Replacing Discounting by Probability Weighting (2002)
Impartiality requires putting the welfare of future generations at par with that of our own. However, rational choice requires weighting all welfare values by the respective probabilities of...
Time Is More Precious For The Young, Life Is More Valuable For The Old (2002)
It is generally believed that life is more valuable for the young as they expect to live longer. It is also generally believed that time is more precious for the middle-aged and the old as they have...
Externality, Pigou and Coase: A Case for Bilateral Taxation and Amenity Rights (2001)
While Coase correctly emphasizes the reciprocal nature of an externality, he ignores an important asymmetry. At the initial private equilibrium, the incremental harm on the sufferers of the external...
Optimal environmental charges/taxes: easy to estimate and surplus-yielding (2001)
The estimation of the optimal charges/taxes on environmental disruption and the financing of the spending on the abatement of environmental disruption are important practical problems. This paper...
Optimal Environmental Charges/Taxes:Easy to Estimate and Surplus-Yielding (2001)
The estimation of the optimal charges/taxes on environmental disruption and the financing of the spending on the abatement of environmental disruption are important practical problems. This paper...
Externality, Pigou and Coase: A Case for Bilateral Taxation and Amenity Rights (2001)
While Coase correctly emphasizes the reciprocal nature of an externality, he ignores an important asymmetry. At the initial private equilibrium, the incremental harm on the sufferers of the external...
Optimal environmental charges/taxes: easy to estimate and surplus-yielding (2001)
The estimation of the optimal charges/taxes on environmental disruption and the financing of the spending on the abatement of environmental disruption are important practical problems. This paper...
Optimal Environmental Charges/Taxes:Easy to Estimate and Surplus-Yielding (2001)
The estimation of the optimal charges/taxes on environmental disruption and the financing of the spending on the abatement of environmental disruption are important practical problems. This paper...
Externality, Pigou and Coase: A Case for Bilateral Taxation and Amenity Rights (2001)
While Coase correctly emphasizes the reciprocal nature of an externality, he ignores an important asymmetry. At the initial private equilibrium, the incremental harm on the sufferers of the external...
Optimal environmental charges/taxes: easy to estimate and surplus-yielding (2001)
The estimation of the optimal charges/taxes on environmental disruption and the financing of the spending on the abatement of environmental disruption are important practical problems. This paper...
Optimal Environmental Charges/Taxes:Easy to Estimate and Surplus-Yielding (2001)
The estimation of the optimal charges/taxes on environmental disruption and the financing of the spending on the abatement of environmental disruption are important practical problems. This paper...
Applying the inframarginal analysis of specialization and the effects of external costs in production and their control through taxation, this paper shows that, on top of the allocational...
Applying the inframarginal analysis of specialization and the effects of external costs in production and their control through taxation, this paper shows that, on top of the allocational...
Applying the inframarginal analysis of specialization and the effects of external costs in production and their control through taxation, this paper shows that, on top of the allocational...
Attitude Choice, Economic Change, and Welfare (1999)
As supported by commonsense and substantial evidence (discussed in Sections 1 and 2), one's attitude toward wealth may affect utility and people can, at least to some extent and at some costs, choose...
Attitude Choice, Economic Change, and Welfare (1999)
As supported by commonsense and substantial evidence (discussed in Sections 1 and 2), one's attitude toward wealth may affect utility and people can, at least to some extent and at some costs, choose...
Attitude Choice, Economic Change, and Welfare (1999)
As supported by commonsense and substantial evidence (discussed in Sections 1 and 2), one's attitude toward wealth may affect utility and people can, at least to some extent and at some costs, choose...
Using a two-sector mesoeconomic model, the paper examines the short-term effects of the demand shift between different sectors resulted from the economic liberalisation in a transitional economy,...
A Case For Happiness, Cardinalism and Interpersonal Comparability (1997)
Despite economists' preference for the more objective concepts like preference, more emphasis should be given to the more subjective concepts like happiness, as happiness is our ultimate objective...
Using a two-sector mesoeconomic model, the paper examines the short-term effects of the demand shift between different sectors resulted from the economic liberalisation in a transitional economy,...
A Case For Happiness, Cardinalism and Interpersonal Comparability (1997)
Despite economists' preference for the more objective concepts like preference, more emphasis should be given to the more subjective concepts like happiness, as happiness is our ultimate objective...
Using a two-sector mesoeconomic model, the paper examines the short-term effects of the demand shift between different sectors resulted from the economic liberalisation in a transitional economy,...
A Case For Happiness, Cardinalism and Interpersonal Comparability (1997)
Despite economists' preference for the more objective concepts like preference, more emphasis should be given to the more subjective concepts like happiness, as happiness is our ultimate objective...
The Paradox of Interpersonal Cardinal Utility: A Proposed Solution (1996)
The impossibility theorems of Arrow, Sen, Kemp-Ng, and Parks show that interpersonally comparable individual cardinal utilities are needed for making social decisions. But virtually all economists...
The Paradox of Interpersonal Cardinal Utility: A Proposed Solution (1996)
The impossibility theorems of Arrow, Sen, Kemp-Ng, and Parks show that interpersonally comparable individual cardinal utilities are needed for making social decisions. But virtually all economists...
The Paradox of Interpersonal Cardinal Utility: A Proposed Solution (1996)
The impossibility theorems of Arrow, Sen, Kemp-Ng, and Parks show that interpersonally comparable individual cardinal utilities are needed for making social decisions. But virtually all economists...
The Paradox of Interpersonal Cardinal Utility: A Proposed Solution (1996)
The impossibility theorems of Arrow, Sen, Kemp-Ng, and Parks show that interpersonally comparable individual cardinal utilities are needed for making social decisions. But virtually all economists...
The Paradox of Interpersonal Cardinal Utility: A Proposed Solution (1996)
The impossibility theorems of Arrow, Sen, Kemp-Ng, and Parks show that interpersonally comparable individual cardinal utilities are needed for making social decisions. But virtually all economists...
The Paradox of Interpersonal Cardinal Utility: A Proposed Solution (1996)
The impossibility theorems of Arrow, Sen, Kemp-Ng, and Parks show that interpersonally comparable individual cardinal utilities are needed for making social decisions. But virtually all economists...
Intra-Firm Branch Competition for a Monopolist (1995)
This paper studies the effect of intra-firm branch competition in a monopoly setting. It demonstrates that intra-firm branch competition has significant impact on the firm's operation decisions, and...
From Separability to Unweighted Sum: A Case for Utilitarianism (1995)
After reviewing three basic problems of normative social choice (What information? How to obtain? Which SWF?) and two full and two partial compelling cases for utilitarianism (defined as "social...
Despite the demonstration that non-perfect competition makes money possibly non-neutral (Ng 1977, 1980, 1982, 1986, 1992), economists now (e.g. Dixon and Rankin 1994) still regard additional...
Intra-Firm Branch Competition for a Monopolist (1995)
This paper studies the effect of intra-firm branch competition in a monopoly setting. It demonstrates that intra-firm branch competition has significant impact on the firm's operation decisions, and...
From Separability to Unweighted Sum: A Case for Utilitarianism (1995)
After reviewing three basic problems of normative social choice (What information? How to obtain? Which SWF?) and two full and two partial compelling cases for utilitarianism (defined as "social...
Despite the demonstration that non-perfect competition makes money possibly non-neutral (Ng 1977, 1980, 1982, 1986, 1992), economists now (e.g. Dixon and Rankin 1994) still regard additional...
Intra-Firm Branch Competition for a Monopolist (1995)
This paper studies the effect of intra-firm branch competition in a monopoly setting. It demonstrates that intra-firm branch competition has significant impact on the firm's operation decisions, and...
From Separability to Unweighted Sum: A Case for Utilitarianism (1995)
After reviewing three basic problems of normative social choice (What information? How to obtain? Which SWF?) and two full and two partial compelling cases for utilitarianism (defined as "social...
Despite the demonstration that non-perfect competition makes money possibly non-neutral (Ng 1977, 1980, 1982, 1986, 1992), economists now (e.g. Dixon and Rankin 1994) still regard additional...
Population Dynamics and Animal Welfare (1992)
Natural selection favours the maximization of the number of surviving offspring. This need not result in the maximization of the welfare of individuals in the species. In some cases, it is not far...
Population Dynamics and Animal Welfare (1992)
Natural selection favours the maximization of the number of surviving offspring. This need not result in the maximization of the welfare of individuals in the species. In some cases, it is not far...
Population Dynamics and Animal Welfare (1992)
Natural selection favours the maximization of the number of surviving offspring. This need not result in the maximization of the welfare of individuals in the species. In some cases, it is not far...
Is Public Spending Good for You?
Studies by psychologists, sociologists and economists indicate that increases in incomes beyond about US$4,000 are not related to happiness nor significantly with the objective quality-of-life...
The analysis of economies of specialization at the individual level by Yang & Shi (1992) and Yang & Ng (1993) is combined with the Dixit & Stiglitz (1977) analysis of monopolistic-competitive firms...
The different consumption functions of products and product differentiation
This paper develops a monopolistic competition model to study the characteristics of products, such as quality improvement and product diversity (function-specialization and individualization), and...
Utility, informed preference, or happiness: Following Harsanyi's argument to its logical conclusion
Harsanyi (1997) argues that, for normative issues, informed preferences should be used, instead of actual preferences or happiness (or welfare). Following his argument allowing him to move from...
Welfare-reducing growth despite individual and government optimization
In the presence of substantial relative-income effects and environmental disruption effects, economic growth may be welfare-reducing even if each and all individuals are optimizing and eagerly trying...
From preference to happiness: Towards a more complete welfare economics
Welfare economics is incomplete as it analyzes preference without going on to analyze welfare (or happiness) which is the ultimate objective. Preference and welfare may differ due to imperfect...
Exclusion of self evaluations in peer ratings: An impossibility and some proposals
Yew-Kwang Ng, Guang-Zhen Sun, Guang-Zhen Sun
In the popularly used ranking method of peer rating, the exclusion of the evaluations/marks given to oneselves is intuitively appealing and has been actually practiced, since a...
Positive, but non-excessive discounting of future utilities to take account of possible non-realization/survival is not the dictatorship of the present, contrary to Chichilnisky's argument which is...
In empirical studies concerning comparison of economic structures and/or structural changes of economies, it is quite useful to employ an aggregate index to describe the structural difference...
Relative-Income Effects and the Appropriate Level of Public Expenditure.
The welfare of an individual depends not only on his own income but also on his income relative to that of others. A private good that he consumes yields him (intrinsic consumption and...
DIVISION OF LABOUR AND TRANSACTION COSTS: AN INTRODUCTION
While the role of division of labour is very important, in itself its scope for promoting economic growth is limited. This scope is tremendously expanded when division of labour is compounded with...
INCREASING RETURNS AND THE SMITH DILEMMA
The Smith dilemma refers to the inconsistency ("strictly an error") between the Smith theory on the efficiency of the market based on the absence of increasing returns and the Smith theorem on the...
Behavioral economics is the study of economic behavior beyond the traditional simple economic models of constrained maximization with purely economic objectives (consumption/profits). Some policy...
The pricing and investment policies of a public enterprise should be designed to achieve efficiency since equity is better pursued by general policy regarding income distribution. Short-run...
The argument against competition based on natural monopoly is questioned. A true natural monopolist needs no protection. Rapid product innovation and technical advance render the telecommunications...
Happiness Studies: Ways to Improve Comparability and Some Public Policy Implications
Recent happiness studies by psychologists, sociologists and economists have produced many interesting results. These have important implications, including the need to focus less on purely objective...
Specialization, Information, and Growth: A Sequential Equilibrium Analysis
Pricing costs and information problems are introduced into a framework with consumer-producers, economies of specialization, and transaction costs to predict the endogenous and concurrent evolution...
The age-dependent value of time: a life cycle analysis
Value of time, Age, Life cycle, Interest rate, Mortality, Time preference, Insurance, D91, J17,
FINITE LIFE EXPECTANCY AND THE AGE-DEPENDENT VALUE OF A STATISTICAL LIFE
In this short paper, we investigate the behavior of the age-dependent value of a statistical life (VSL) within a lifecycle framework with a finite maximal possible lifespan. Some existing results,...
FINITE LIFE EXPECTANCY AND THE AGE-DEPENDENT VALUE OF A STATISTICAL LIFE
In this short paper, we investigate the behavior of the age-dependent value of a statistical life (VSL) within a lifecycle framework with a finite maximal possible lifespan. Some existing results,...
Duality in an Industry with Fluctuating Demand
A perfect-competition model is developed to analyze duality in specialization and technology such as in the men's clothing industry, an industry with highly seasonal nature of the business cycle. We...
WANG, Zuxiang, SMYTH, Russell, NG, Yew-Kwang
The most common data source on income distribution in China is grouped data. When income data is in grouped form, some acceptable Lorenz model is needed to approximate the underlying Lorenz curve....