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| Author: | Chambers, R. G. |
| Title: | Consumers' Surplus As An Exact And Superlative Cardinal Welfare Indicator |
| Journal: | International Economic Review
2001 : FEB, VOL. 42:1, p. 105-120 |
| Index terms: | CONSUMERS WELFARE MEASUREMENT |
| Language: | eng |
| Abstract: | This article shows that the Bennet-Bowley consumer surplus measure is an exact measure of Allais' disposable surplus if the consumer's utility function is of the translation-homothetic generalized quadratic form. The Bennet-Bowley consumer surplus measure, therefore, is a superlative cardinal welfare measure for the entire class of translation homothetic preferences. Because the exactness results in this article apply for cardinal welfare measures, they can be meaning-fully aggregated across consumers to make aggregate welfare comparisons. The arguments in this article have been developed in terms of g - translation homotheticity. The article provides a substantial list of references on this subject. |
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