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| Author: | Luenberger, D. |
| Title: | Welfare from a benefit viewpoint |
| Journal: | Economic Theory
1996 : APR, VOL. 7:3, p. 445-462 |
| Index terms: | ECONOMICS THEORIES WELFARE |
| Language: | eng |
| Abstract: | Individual welfare is most naturally measured in terms of individual utility but this has the well known disadvantage that utility levels of different consumers cannot be meaningfully compared. This difficulty is traditionally avoided by using various willingness-to-pay measures, such as compensating and equivalent variation. These measures are based on price changes. This paper develops alternative welfare measures using willingness-to-trade concepts as originally proposed by Dupuit (1844). These measures are based directly on commodity bundle changes. |
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