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Regional Welfare Weights in Investment Appraisal - The Case of India

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  • Kula, E.
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    Abstract

    Pareto welfare criterion based only on people’s willingness to pay for the project’s output is regarded by many as being a narrow interpretation of an improvement in social well-being. A broader opinion is that even though poorer individuals may be less able to pay for a particular benefit, they may obtain greater utility from it. In line with the broader opinion, this paper looks at regional welfare weights in India on the basis of a conventional consumption utility function which assumes diminishing marginal utility. Estimated parameters are; elasticity of marginal utility of consumption, and per capita national and regional incomes which are used in the calculation of welfare weights for 17 states of India.

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    Bibliographic Info

    Article provided by Mid-Continent Regional Science Association in its journal Journal of Regional Analysis and Policy.

    Volume (Year): 32 (2002)
    Issue (Month): 1 ()
    Pages:

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    Handle: RePEc:ags:jrapmc:132234

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    Keywords: Financial Economics; International Development;

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    1. Blue, E. Neal & Tweeten, Luther, 1997. "The estimation of marginal utility of income for application to agricultural policy analysis," Agricultural Economics: The Journal of the International Association of Agricultural Economists, International Association of Agricultural Economists, vol. 16(3), August.
    2. Jagdish N. Bhagwati & T. N. Srinivasan, 1975. "Foreign Trade Regimes and Economic Development: India," NBER Books, National Bureau of Economic Research, Inc, number bhag75-1.
    3. Neal Blue, E. & Tweeten, Luther, 1997. "The estimation of marginal utility of income for application to agricultural policy analysis," Agricultural Economics, Blackwell, vol. 16(3), pages 155-169, August.
    4. Betancourt, Roger R, 1971. "The Estimation of Price Elasticities from Cross-Section Data under Additive Preferences," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 12(2), pages 283-92, June.
    5. Murty, M N & Ray, Ranjan, 1989. " A Computational Procedure for Calculating Optimal Commodity Taxes with Illustrative Evidence from Indian Budget Data," Scandinavian Journal of Economics, Wiley Blackwell, vol. 91(4), pages 655-70.
    6. G. T. Jones, 1993. "The Social Discount Rate For Land-Use Projects In India: Comment," Journal of Agricultural Economics, Wiley Blackwell, vol. 44(1), pages 160-165.
    7. Musgrave, Richard A, 1969. "Cost-Benefit Analysis and the Theory of Public Finance," Journal of Economic Literature, American Economic Association, vol. 7(3), pages 797-806, September.
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    Cited by:
    1. Erhun KULA, 2006. "Regional welfare weights," Departmental Working Papers 2006-32, Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano.
    2. Garey C. Durden & Patricia E. Gaynor, 2014. "Publishing in The Journal of Regional Analysis and Policy and an Evaluation (via Citation Counts) of JRAP’s Influence on Scholarship in Regional Science," Working Papers 14-07, Department of Economics, Appalachian State University.

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