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Some explaination please.
3. A longstanding question is in publ. finance is how to evaluate the costs and benefits of a public policy. This question is based on the following paper: Hendren, Nathan. 2016. The policy elasticity. Tax Policy and the Economy 30 (1) Hendren, Nathan, 2017. Efficient welfare weights. NBER Working Paper 20351. Hendren (2016) proposes a concept called the marginal value of public funds (MVPF). Define and interpret the MVPF for a given policy a. Suppose that we are interested in the welfare effects of a government-provided cash transfer to a particular income group. What does Hendren show is the MVPF in this instance? b.
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a) As per Hendren, the MVPF is the ratio of the individual wi cost of the policy to t policy b) In case of cash transfer, the MVPF can be measured as below: MVPF Individual income increased by cash transfer /value of cash transfers made This will measure the benefit-cost ratio of the policy

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