来的。 8, Multiple regression analysis is used to pick the best"parameters for an econometric model. Knowing the parameters allows one to predict the effects of policy changes. 多元回归分析用来为经济计量模型挑选“最佳的”参数。知道这些参数后,我们就可以预测政策变化 的影响 9, Econometrics has some pitfalls. Misleading results occur if data from greatly dissimilar groups are combined; if important variables are omitted; if the wrong mathematical form is adopted; if variables are incorrectly measured; or if there is simultaneous causation between variables. 计量经济学存在一些缺陷。如果把差异很大的群体的数据合并在一起,如果遗漏了重要变量,如果采 用了错误的数学形式,如果不正确地测度了变量,如果变量之间存在因果关系,那么,就会得出错误 的结果。 Chapter 3 Tools of Normative Analysis 何玉琼03391020胡毅03391022 1, Welfare economics is the study of the desirability of alternative economic states. 福利经济学研究不同经济状态的合意性。 2, A Pareto efficient allocation occurs when no person can be made better off without making another person worse off. Pareto efficiency requires that each persons marginal rate of substitution between two commodities equal the marginal rate of transformation. Pareto efficiency is the economists benchmark of efficient performance for an economy 如果不使他人的境况变坏就不能使一个人的境况变好,这就实现了帕累托效率配置。帕累托效率要求 每个人对两种商品的边际替代率等于边际转换率。帕累托效率是经济学家判断经济是否有效运行的标 准 3, The First Fundamental Theorem of Welfare Economics states that, under certain conditions. competitive market mechanisms lead to Pareto efficient outcomes. 福利经济学的第一基本定理指出,在某些条件下,竞争市场机制会产生帕雷托效率结果。 Despite its appeal, Pareto efficiency has no obvious claim as an ethical norm. Society may prefer an inefficient allocation on the basis of equity or some other criterion. This provides one possible reason for government intervention in the economy 尽管帕雷托效率颇有吸引力,但并没有明确的理由可以作为伦理标准。基于公平或其他某种标准,社 会也许倾向于无效率的配置。这就为政府干预经济提供了一种可能的理由 5, A social welfare function summarizes society's preferences concerning the utility of each of its members. It may be used to find the allocation of resources that maximizes social welfare 社会福利函数概括的是对每一社会成员效用的社会偏好,用来寻找使社会福利最大化的资源配置 6, The Second Fundamental Theorem of Welfare Economics states that society can attain any Pareto-efficient allocation of resources by making a suitable assignment of initial endowments and then letting people freely trade with each other. 福利经济学的第二基本定理指出,社会通过适当地安排初始资源禀赋,然后让人们彼此自由地交易, 就可以实现帕雷托效率资源配置 7, A second reason for government intervention is market failure, which may occur in the presence of market power or when markets do not exis 政府干预的第二个理由是市场失灵。如果存在市场影响力或者市场不存在,就会出现市场失灵3 来的。 8，Multiple regression analysis is used to pick the “best” parameters for an econometric model. Knowing the parameters allows one to predict the effects of policy changes. 多元回归分析用来为经济计量模型挑选“最佳的”参数。知道这些参数后，我们就可以预测政策变化 的影响。 9，Econometrics has some pitfalls. Misleading results occur if data from greatly dissimilar groups are combined; if important variables are omitted; if the wrong mathematical form is adopted; if variables are incorrectly measured; or if there is simultaneous causation between variables. 计量经济学存在一些缺陷。如果把差异很大的群体的数据合并在一起，如果遗漏了重要变量，如果采 用了错误的数学形式，如果不正确地测度了变量，如果变量之间存在因果关系，那么，就会得出错误 的结果。 Chapter 3 Tools of Normative Analysis 何玉琼 03391020 胡 毅 03391022 Summary 1，Welfare economics is the study of the desirability of alternative economic states. 福利经济学研究不同经济状态的合意性。 2，A Pareto efficient allocation occurs when no person can be made better off without making another person worse off. Pareto efficiency requires that each person’s marginal rate of substitution between two commodities equal the marginal rate of transformation. Pareto efficiency is the economist’s benchmark of efficient performance for an economy. 如果不使他人的境况变坏就不能使一个人的境况变好，这就实现了帕累托效率配置。帕累托效率要求， 每个人对两种商品的边际替代率等于边际转换率。帕累托效率是经济学家判断经济是否有效运行的标 准。 3，The First Fundamental Theorem of Welfare Economics states that, under certain conditions, competitive market mechanisms lead to Pareto efficient outcomes. 福利经济学的第一基本定理指出，在某些条件下，竞争市场机制会产生帕雷托效率结果。 4，Despite its appeal, Pareto efficiency has no obvious claim as an ethical norm. Society may prefer an inefficient allocation on the basis of equity or some other criterion. This provides one possible reason for government intervention in the economy. 尽管帕雷托效率颇有吸引力，但并没有明确的理由可以作为伦理标准。基于公平或其他某种标准，社 会也许倾向于无效率的配置。这就为政府干预经济提供了一种可能的理由。 5，A social welfare function summarizes society’s preferences concerning the utility of each of its members. It may be used to find the allocation of resources that maximizes social welfare. 社会福利函数概括的是对每一社会成员效用的社会偏好，用来寻找使社会福利最大化的资源配置。 6，The Second Fundamental Theorem of Welfare Economics states that society can attain any Pareto-efficient allocation of resources by making a suitable assignment of initial endowments and then letting people freely trade with each other. 福利经济学的第二基本定理指出，社会通过适当地安排初始资源禀赋，然后让人们彼此自由地交易， 就可以实现帕雷托效率资源配置。 7，A second reason for government intervention is market failure, which may occur in the presence of market power or when markets do not exist. 政府干预的第二个理由是市场失灵。如果存在市场影响力或者市场不存在，就会出现市场失灵