A Quasi-Natural Measure Of Choice Freedom For Budget- And Time-Constrained Opportunity Sets
AbstractIn this paper I present a measure of freedom for opportunity sets which are bounded by both budget and time constraints. The proposed formula applies to the intersection of two different sets, one of which is bounded by the availability of purchasing power, while the other is bounded by the availability of leisure time. The necessity of considering both kinds of constraints stems from a definition of choice freedom in terms of capability to do rather than capability to have. A natural measure should be one that numbers all possible choice bundles making up an opportunity set. The one proposed here is quasi-natural in the sense that it is generically so. Copyright � 2009 The Author. Journal compilation � 2009 Blackwell Publishing Ltd.
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Bibliographic InfoArticle provided by Wiley Blackwell in its journal Metroeconomica.
Volume (Year): 60 (2009)
Issue (Month): 4 (November)
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0026-1386
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