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| Author: | Becht, M. |
| Title: | The theory and estimation of individual and social welfare measures |
| Journal: | Journal of Economic Surveys
1995 : MAR, VOL. 9:1, p. 53-87 |
| Index terms: | DEMAND ANALYSIS CONSUMERS WELFARE |
| Language: | eng |
| Abstract: | The most widespread measure of individual welfare is consumer surplus (CS). If consumer surplus is to represent underlying preferences, very restrictive assumptions must be imposed and, worse, the resulting measures completely ignore distributional issues. Applied economists often argue that consumer surplus is a good approximation to the theoretically correct measures and the only feasible choice in practice. This is no longer true. A range of money metric measures is presented that provide a more desirable, albeit still problematic alternative. |
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