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

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  • Donaldson, David

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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File URL: http://purl.umn.edu/30731
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Bibliographic 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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Web page: http://waeaonline.org/
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Related research

Keywords: Consumer/Household Economics;

References

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  1. Lewbel, Arthur, 1991. "Cost of characteristics indices and household equivalence scales," European Economic Review, Elsevier, vol. 35(6), pages 1277-1293, August.
  2. Phipps, S., 1990. "Price-Sensitive Adult-Equivalence Scales For Canada," Department of Economics at Dalhousie University working papers archive 90-01, Dalhousie, Department of Economics.
  3. Roberts, Kevin, 1980. "Price-Independent Welfare Prescriptions," Empirical Economics, Springer, vol. 13(3), pages 277-97, June.
  4. Boadway, Robin W, 1974. "The Welfare Foundations of Cost-Benefit Analysis," Economic Journal, Royal Economic Society, vol. 84(336), pages 926-39, December.
  5. Nelson, Julie A, 1988. "Household Economies of Scale in Consumption: Theory and Evidence," Econometrica, Econometric Society, vol. 56(6), pages 1301-14, November.
  6. Weymark, John A, 1985. "Money-Metric Utility Functions," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 26(1), pages 219-32, February.
  7. Jorgenson, Dale W & Slesnick, Daniel T, 1987. "Aggregate Consumer Behavior and Household Equivalence Scales," Journal of Business & Economic Statistics, American Statistical Association, vol. 5(2), pages 219-32, April.
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Citations

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Cited by:
  1. Paul Makdissi & Jean-Yves Duclos, 2002. "Socially-Improving Tax Reforms," Cahiers de recherche 02-01, Departement d'Economique de la Faculte d'administration à l'Universite de Sherbrooke, revised 2004.
  2. Abdelkrim ARAAR & Jean-Yves DUCLOS & Paul MAKDISSI, 2012. "Pro-poor indirect tax reforms, with an application to Mexico," Working Papers P56, FERDI.
  3. Chambers, Christopher P. & Hayashi, Takashi, . "Money metric utilitarianism," Working Papers 1295, California Institute of Technology, Division of the Humanities and Social Sciences.
  4. 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.
  5. John Creedy, 2013. "Alternative Distributions for Inequality and Poverty Comparisons," Treasury Working Paper Series 13/11, New Zealand Treasury.
  6. Haan, Peter & Decoster, Andre, 2013. "Empirical welfare analysis with preference heterogeneity," Annual Conference 2013 (Duesseldorf): Competition Policy and Regulation in a Global Economic Order 79815, Verein für Socialpolitik / German Economic Association.
  7. John Creedy & Nicolas Hérault, 2011. "Decomposing Inequality and Social Welfare Changes: The Use of Alternative Welfare Metrics," Melbourne Institute Working Paper Series wp2011n08, Melbourne Institute of Applied Economic and Social Research, The University of Melbourne.
  8. Udo Ebert, 2013. "The relationship between individual and household measures of WTP and WTA," Social Choice and Welfare, Springer, vol. 40(2), pages 367-390, February.
  9. Pendakur, Krishna, 2002. "Taking prices seriously in the measurement of inequality," Journal of Public Economics, Elsevier, vol. 86(1), pages 47-69, October.
  10. Krishna Pendakur, 2001. "Consumption Poverty in Canada, 1969 to 1998," Canadian Public Policy, University of Toronto Press, vol. 27(2), pages 125-149, June.
  11. Keir G. Armstrong, 2004. "A Graphical Depiction of Hicksian Partial-Equilibrium Welfare Analysis," Carleton Economic Papers 04-09, Carleton University, Department of Economics.
  12. Donaldson, David & Pendakur, Krishna, 2004. "Equivalent-expenditure functions and expenditure-dependent equivalence scales," Journal of Public Economics, Elsevier, vol. 88(1-2), pages 175-208, January.
  13. Thomas F. Crossley & Krishna Pendakur, 2002. "Consumption Inequality," Department of Economics Working Papers 2002-09, McMaster University.
  14. Cormac O'Dea & Ian Preston, 2012. "The distributional impact of public spending in the UK," IFS Working Papers W12/06, Institute for Fiscal Studies.

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