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SOME PRINCIPLES OF PRACTICAL WELFARE ECONOMICS.
- Source :
- Management Science; Jun67, Vol. 13 Issue 10, pB-621-B-630, 10p
- Publication Year :
- 1967
-
Abstract
- Non-profit institutions must make many kinds of decisions about allocations of resources. The theory is clear: allocate so that the marginal utility is equal in all uses. But this is more easily said than done. This paper suggests a series of heuristic steps by which real-life non-profit allocation situations can be coordinated to the marginal analysis. It discusses the assumptions that must and should be made and sets forth a conceptual framework for the analytic decisions. The process is illustrated with an example from library research--the decision about how many books should be placed into storage libraries to maximize the welfare of a university community. [ABSTRACT FROM AUTHOR]
Details
- Language :
- English
- ISSN :
- 00251909
- Volume :
- 13
- Issue :
- 10
- Database :
- Complementary Index
- Journal :
- Management Science
- Publication Type :
- Academic Journal
- Accession number :
- 7113978
- Full Text :
- https://doi.org/10.1287/mnsc.13.10.B621