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More On Regulation: A Reply To Stephen Weiner, Clark C. Havighurst
More On Regulation: A Reply To Stephen Weiner, Clark C. Havighurst
Faculty Scholarship
In Volume 3, Number 3 of this journal, Professor Havighurst* wrote a brief Comment in which he observed that the function of health care cost-containment regulation is the rationing of health care resources, and argued that the fostering of health care consumers' and providers' free choice in the competitive marketplace is preferable to conventional cost-containment regulation as a mechanism for such rationing. He briefly outlined various reforms, including changes in federal tax treatment of health insurance premiums, aimed at implementing his ap- proach. Subsequently, in a Comment in Volume 4, Number 1, Stephen M.Weiner, then Chairman of the Massachusetts Rate …
Shadow Prices For Project Selection In The Presence Of Distortions: Effective Rates Of Protection And Domestic Resource Costs, T.N. Srinivasan, Jagdish N. Bhagwati
Shadow Prices For Project Selection In The Presence Of Distortions: Effective Rates Of Protection And Domestic Resource Costs, T.N. Srinivasan, Jagdish N. Bhagwati
Faculty Scholarship
The paper addresses the problem of deriving shadow prices for use in project evaluation when the existing allocation is characterized by ad valorem trade distortions. The analysis is used to clarify and resolve the long-standing debate among effective-rate-of-protection and domestic resource-cost proponents as to the respective merits of their measures as methods of project evaluation. The derivation of shadow factor prices is then extended to three major factor market imperfections familiar from extensive trade-theoretic analysis.