search query: @author Phaneuf, D. J. / total: 2
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| Author: | Herriges, J. A. Kling, C. L. Phaneuf, D. J. |
| Title: | What's the use? Welfare estimates from revealed preference models when weak complementarity does not hold |
| Journal: | Journal of Environmental Economics and Management
2004 : JAN, VOL. 47:1, p. 55-70 |
| Index terms: | preferences valuation welfare |
| Language: | eng |
| Abstract: | This paper considers the theoretical and empirical ramifications of welfare measurement in revealed preference models when weak complementarity does not hold. It is shown that while it is possible to estimate preferences that do not appear to exhibit weak complementarity, the calculation of welfare measurements from these models requires a cardinal interpretation of preferences that cannot be tested. It is also empirically demonstrated that the choice of restrictions can have significant ramifications, as use value estimates can vary based on the assumed preference structure. |
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