The Axiomatics of Economic Design, Vol. 1

An Introduction to Theory and Methods

William Thomson

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English

Springer International Publishing AG
09 September 2023

Economic theory & philosophy; Microeconomics; Political economy; Welfare economics

Series: Studies in Choice and Welfare

This textbook is Volume 1 of a two-volume set on the axiomatics of economic design. Its central argument is that economic institutions are not God-given: they are man-made. Their ultimate goal is to promote social welfare. The book describes the axiomatic approach to design. It consists in the formulation of criteria of desirability of solution mappings, and of the examination of their logical implications when imposed in various combinations. Its goal is to identify as precisely as possible the line that separates those combinations of desiderata that are compatible and those that are not. The end product of axiomatic work are menus of choices for practitioners to choose from when they have to make a decision.

The first volume offers pedagogical coverage of the axiomatic approach to economic design, in the form of answers to questions posed by a young person curious about it. It introduces readers to what motivates economic design. It continues with the mathematical representation of a class of allocation problems.

The bulk of the volume is to present structured inventories of the field of axioms, arranged by format first, and content next. These chapters are followed by a user's manual on the axiomatic method. Lastly, the volume discusses how economic design can be aided by other disciplines, in particular philosophy, mathematics, and computer science.

By: William Thomson
Imprint: Springer International Publishing AG
Country of Publication: Switzerland
Edition: 2023 ed.
Dimensions: Height: 235mm, Width: 155mm,
Weight: 664g
ISBN: 9783031293979
ISBN 10: 3031293975
Series: Studies in Choice and Welfare
Pages: 313
Publication Date: 09 September 2023
Audience: Professional and scholarly , Undergraduate
Format: Hardback
Publisher's Status: Active

I Preliminaries: Introduction.- Abstract Social Choiuce Problems and Concrete Resource Allocation Problems.- Describing an Allocation Problem: a Checklist.- II Axiom Types: Axiom Format.- Axiom Content: Delineating Broad Categories.- Axiom Content: Punctual Requirements on Welfare Distribution.- Axiom Content: Solidarity Underlying Relational Requirements on Welfare Redistribution.- Axiom Content: Robustness to Choices of Perspective in Evaluating Changes.- Axiom Content: Robustness to Strategizing.- III Working with Axioms: Parameterizing Axioms, Operators on Spaces of Rules.- Characterizations and Impossibilities.- Conducting Axiomatic Work: a User's Guide.- Complements to the Axiomatic Method in Economic Design.- Appendix: Problem Types.- Index.

Professor Thomson obtained his Ph.D. in Economics from Stanford University and taught at the University of Minnesota and Harvard University, and since 1983, at the University of Rochester (USA). He is the author of several books and over a hundred articles. He is a Fellow of the Econometric Society and of the Society for Economic Theory.