Shaking Up Measures of Consumer Economic Well-Being (Hardcover) (ISBN-13: 9789811249785)

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.

Author: Thijs Ten Raa
ISBN-10: 9811249784
ISBN-13: 9789811249785
Publisher: World Scientific Publishing Company
Language: English
Published: 05/17/2022
Pages: 132
Format: Hardcover
Weight: 0.76lbs
Size: 9.00h x 6.00w x 0.38d