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Volume 14 - May 2010

Contents

Page 4 of 4

Articles

  • INEQUALITY AVERSION AND THE OPTIMAL COMPOSITION OF GOVERNMENT EXPENDITURE

  • John Creedy, Shuyun May Li, Solmaz Moslehi
  • Published online by Cambridge University Press:
    26 October 2010, pp. 290-306

  • This paper examines the choice between government expenditure on public goods and transfer payments, in the form of a pension, in an overlapping-generations model. Government expenditure is tax-financed on a pay-as-you-go basis. A utilitarian judge chooses expenditures to maximize a social welfare function. The nonlinear solution is found to involve the ratio of a welfare-weighted average income, which depends on the inequality aversion of the judge, to arithmetic mean income. An approximation for this ratio is found that produces explicit solutions for the optimal composition. The result is used to obtain an indication of “implicit” inequality aversion for a range of countries.

Front Cover (OFC, IFC) and matter

  • MDY volume 14 issue S2 Cover and Front matter

  • Published online by Cambridge University Press:
    16 November 2010, pp. f1-f4
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Back Cover (IBC, OBC) and matter

  • MDY volume 14 issue 4 Cover and Back matter

  • Published online by Cambridge University Press:
    09 September 2010, pp. b1-b2
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  • MDY volume 14 issue 2 Cover and Back matter

  • Published online by Cambridge University Press:
    29 March 2010, pp. b1-b3
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  • MDY volume 14 issue S2 Cover and Back matter

  • Published online by Cambridge University Press:
    16 November 2010, pp. b1-b2
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Page 4 of 4