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Social Welfare Orderings: A Life-Cycle Perspective

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Ramses H. Abul Naga

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Abstract

Life-cycle theories emphasize the fact that consumption is allocated intertemporally, on the basis of a long-term concept of resources that differs from household income. Because life-cycle income is unobserved, the distribution of this variable cannot be recovered. It is shown that, within a suitably defined class, a predictor of life-cycle income based on household income and expenditure entails a distribution dominated in a social welfare sense by the distribution of life-cycle incomes. A predictor constructed from socio-demographic variables induces a distribution that welfare-dominates the distribution of life-cycle incomes. Copyright (c) The London School of Economics and Political Science 2005.

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File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.0013-0427.2005.00427.x
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Publisher Info
Article provided by London School of Economics and Political Science in its journal Economica.

Volume (Year): 72 (2005)
Issue (Month): 3 (08)
Pages: 497-514
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Handle: RePEc:bla:econom:v:72:y:2005:i:3:p:497-514

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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.:
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  4. Ramses H. Abul Naga & Robin Burgess, 1997. "Prediction and Determination of Household Permanent Income," STICERD - Distributional Analysis Research Programme Papers 32, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE. [Downloadable!]
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  5. Anderson, Gordon, 1996. "Nonparametric Tests of Stochastic Dominance in Income Distributions," Econometrica, Econometric Society, vol. 64(5), pages 1183-93, September. [Downloadable!] (restricted)
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  7. Jacques Silber, 1998. "On Inequality in Consumption Expenditures. The Case of Switzerland," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 134(IV), pages 545-564, December. [Downloadable!]
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  16. Atkinson, A B, 1987. "On the Measurement of Poverty," Econometrica, Econometric Society, vol. 55(4), pages 749-64, July. [Downloadable!] (restricted)
  17. Shorrocks, Anthony F, 1983. "Ranking Income Distributions," Economica, London School of Economics and Political Science, vol. 50(197), pages 3-17, February. [Downloadable!] (restricted)
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  1. Riccardo Massari, 2005. "A Measure of Welfare Based on Permanent Income Hypothesis: An Application on Italian Households Budgets," Giornale degli Economisti, GDE (Giornale degli Economisti e Annali di Economia), Bocconi University, vol. 64(1), pages 55-92, September. [Downloadable!]
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