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On The Aggregation Of Money Measures Of Well-Being In Applied Welfare Economics

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Author Info
Donaldson, David

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Abstract

This article investigates the properties, good and bad, of social evaluations based on four money measures of well-being or changes in well-being: compensating variations, money metrics, extended money metrics, and welfare ratios. Consistency of social rankings (transitivity, asymmetry of preference), the possibility of incorporating inequality aversions, independence of the choice of reference prices, and the ethics implicit in the evaluations are considered. In addition, these procedures are contrasted with utility aggregation using equivalence scales.

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Publisher Info
Article provided by Western Agricultural Economics Association in its journal Journal of Agricultural and Resource Economics.

Volume (Year): 17 (1992)
Issue (Month): 01 (July)
Pages:
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Handle: RePEc:ags:jlaare:30731

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Related research
Keywords: Consumer/Household Economics;

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Nelson, Julie A, 1988. "Household Economies of Scale in Consumption: Theory and Evidence," Econometrica, Econometric Society, vol. 56(6), pages 1301-14, November. [Downloadable!] (restricted)
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  1. Keir G. Armstrong, 2004. "A Graphical Depiction of Hicksian Partial-Equilibrium Welfare Analysis," Carleton Economic Papers 04-09, Carleton University, Department of Economics. [Downloadable!]
  2. Chambers, Christopher P. & Hayashi, Takashi, . "Money metric utilitarianism," Working Papers 1295, California Institute of Technology, Division of the Humanities and Social Sciences. [Downloadable!]
  3. Jean-Yves Duclos & Paul Makdissi & Quentin Wodon, 2004. "Socially-Improving Tax Reforms," Cahiers de recherche 0401, CIRPEE. [Downloadable!]
    Other versions:
  4. Thomas F. Crossley & Krishna Pendakur, 2002. "Consumption Inequality," Department of Economics Working Papers 2002-09, McMaster University. [Downloadable!]
  5. Krishna Pendakur, 2001. "Consumption Poverty in Canada, 1969 to 1998," Canadian Public Policy, University of Toronto Press, vol. 27(2), pages 125-149, June. [Downloadable!] (restricted)
  6. Udo Ebert, 1995. "On measurability and comparability: Comment on Pauwels's “the implicit welfare weights used when maximizing aggregate surplus”," Journal of Economics, Springer, vol. 61(3), pages 317-328, October. [Downloadable!] (restricted)
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