Public Expenditure under Uncertainty: The Net-Benefit Criteria

Daniel A Graham

American Economic Review, 1992, vol. 82, issue 4, 822-46

Abstract: Public expenditure under uncertainty is modeled as the problem of determining the quantities of l public goods and m private goods to be provided to n consumers when the private goods are claims to a single commodity, "dollars," which are contingent upon the occurrence of one of m possible states of nature. A real-valued "net benefit function" is identified, and criteria based upon this function are provided that are both necessary and sufficient for Pareto-improving or Pareto-efficient solutions to this problem. Copyright 1992 by American Economic Association.

Date: 1992
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