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wohlfahrtsoptimaler Preis

English translation: most economically beneficial price

21:37 Dec 2, 2007
German to English translations [PRO]
Bus/Financial - Economics
German term or phrase: wohlfahrtsoptimaler Preis
Any takers for this one?

In the following text:

Wird die Voraussetzung jedoch erfüllt, dann findet die Entgeltbildung auf Grundlage eines "wettbewerbsorientierten" Vergleichsverfahrens statt, in das keine Kosten-, sondern Erlösdaten einfließen. (Name of speaker:) "Der ordnungspolitische Konstruktionsfehler springt ins Auge. Wird wirksamer Wettbewerb festgestellt, so wird der Preis trotzdem über einen regulatorischen Eingriff bestimmt. Dabei werden bei wirksamem Wettbewerb durch die Interaktion von Angebot und Nachfrage alle marktrelevanten Informationen berücksichtigt und es bildet sich ein wohlfahrtsoptimaler Preis heraus."

Any ideas anyone?
Robin Ward
Germany
Local time: 15:41
English translation:most economically beneficial price
Explanation:
'Wohlfahrt' looks as if it's going to be something to do with social welfare etc but I don't think it is in this case (unless it's qualified with 'gesellschaftlich', 'sozial' or similar).

'Wohlfahrt' is the technical term in economics for (purely) economic benefit or utility, so what the guy's saying is that the market price is the one which maximises the economic benefit to all parties taken together ie creates the greatest aggregate amount of economic utiility.

(The English for 'Wohlfahrtsökonomie' is indeed 'welfare economics', but again this is using 'welfare' in a narrow sense which assumes that all aspects of 'welfare' can be captured by economic theory and this branch of economic theory is essentially concerned with economic utility and how to maximise it and allocate it.)

I'm not aware of a specific term for the price which maximises welfare/benefit/utility, though there may be one. For the reasons given, 'welfare' would be misleading, so the best I can do is some kind of formulation which talks about maximising economic benefit or utility.


'Marktpreisbildung (Preis - GK) ist wohlfahrtsoptimal'
weil Summe von Produzentennutzen und Konsumentennutzen
maximiert wird...Konsumentennutzen: Zahlungsbereitschaft minus Kosten des Güterkaufs'
http://www2.tu-berlin.de/fb14/wipol/AVWLIII/Unteilbarkeiten....

'benefit received (maximum willingness to pay minus price)'
http://www.ecosystemvaluation.org/1-01.htm

Selected response from:

Kieran McCann
United Kingdom
Local time: 14:41
Grading comment
Yes, sounds a pretty good translation - and thanks for the explanation.
4 KudoZ points were awarded for this answer



Summary of answers provided
4optimal market price
JohnGBell
3soically optimal price
Christoph S
3most economically beneficial price
Kieran McCann


  

Answers


4 hrs   confidence: Answerer confidence 3/5Answerer confidence 3/5
soically optimal price


Explanation:
Lots of hits in economic theories.
Google books has a hit in
Microeconomics: Principles, Problems, and Policies
By Campbell R. McConnell, Stanley L. Brue

Example sentence(s):
  • Monopoly:Absolute control of all sales and distribution in a market by one firm, due to some barrier to entry of other firms, allowing the firm to sell at a higher price than the socially optimal price.
  • A regulatory commission may attempt to establish the legal price for the monopolist that is equal to marginal cost at the quantity of output chosen. This is called the “socially optimal price.”

    Reference: http://www-unix.oit.umass.edu/~folbre/econ103/Lectures/lect4...
Christoph S
Local time: 09:41
Native speaker of: Native in GermanGerman

Peer comments on this answer (and responses from the answerer)
neutral  hazmatgerman (X): Will "social" always square with "welfare"? I'm not sure.
6 hrs
neutral  Kieran McCann: valid economic concept but different from market price which is what we are describing here
10 hrs
  -> A lot of teh referencs are dealing with price, e.g., under monopolies. You may want to google it yourself.
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9 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5
optimal market price


Explanation:
Agency 'Market' > Our services > Marketing Research
... break-even analysis of production and sale activity;; Sales volume forecasting;; Determination of optimal market price (contractual, sale, retail). ...
http://www.market-agency.com/research.shtml

JohnGBell
Local time: 16:41
Native speaker of: Native in EnglishEnglish
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14 hrs   confidence: Answerer confidence 3/5Answerer confidence 3/5
most economically beneficial price


Explanation:
'Wohlfahrt' looks as if it's going to be something to do with social welfare etc but I don't think it is in this case (unless it's qualified with 'gesellschaftlich', 'sozial' or similar).

'Wohlfahrt' is the technical term in economics for (purely) economic benefit or utility, so what the guy's saying is that the market price is the one which maximises the economic benefit to all parties taken together ie creates the greatest aggregate amount of economic utiility.

(The English for 'Wohlfahrtsökonomie' is indeed 'welfare economics', but again this is using 'welfare' in a narrow sense which assumes that all aspects of 'welfare' can be captured by economic theory and this branch of economic theory is essentially concerned with economic utility and how to maximise it and allocate it.)

I'm not aware of a specific term for the price which maximises welfare/benefit/utility, though there may be one. For the reasons given, 'welfare' would be misleading, so the best I can do is some kind of formulation which talks about maximising economic benefit or utility.


'Marktpreisbildung (Preis - GK) ist wohlfahrtsoptimal'
weil Summe von Produzentennutzen und Konsumentennutzen
maximiert wird...Konsumentennutzen: Zahlungsbereitschaft minus Kosten des Güterkaufs'
http://www2.tu-berlin.de/fb14/wipol/AVWLIII/Unteilbarkeiten....

'benefit received (maximum willingness to pay minus price)'
http://www.ecosystemvaluation.org/1-01.htm



Kieran McCann
United Kingdom
Local time: 14:41
Works in field
Native speaker of: English
PRO pts in category: 40
Grading comment
Yes, sounds a pretty good translation - and thanks for the explanation.
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