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SHAKING UP MEASURES OF CONSUMER ECONOMIC WELL-BEING IBD

WSPC
04 / 2022
9789811249785
Inglés

Sinopsis

In this book the author analyzes measures of consumer well-being. The three main, neoclassical measures of well-being are the compensating variation, the equivalent variation, and consumer?s surplus. The question is which of the measures of consumer well-being is the best. This book tackles the question, with a surprising outcome that is contrary to the main opinion in the literature. Prof ten Raa presents a test that measures must pass to track utility. The test will be used to sort measures in the remainder of the book. It will culminate in a variant of consumer?s surplus, which he calls the consumer?s index, and a generalization that applies to nonhomothetic demands. Variants of the consumer?s index are presented, including ones that are applicable to demand functions with income effects, even nonlinear ones. So-called broad measures of consumer well-being, such as the Human Development Index, will be encompassed.

PVP
69,41