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Aggregate Consumer Behavior and the Measurement of Social Welfare

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  • Jorgenson, Dale W

Abstract

This paper describes a new approach to normative economics, combining the theory of social choice with econometric modeling of aggregate consumer behavior. The author first derives a system of aggregate demand functions by exact aggregation over individual demand functions. He then constructs measures of individual welfare from systems of individual demand functions. Finally, the author incorporates these measures into a social welfare function, introducing ethical assumptions based on horizontal and vertical equity. To illustrate the application of this approach, he considers the U.S. standard of living and its cost over the period 1947-85. Copyright 1990 by The Econometric Society.

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Bibliographic Info

Article provided by Econometric Society in its journal Econometrica.

Volume (Year): 58 (1990)
Issue (Month): 5 (September)
Pages: 1007-40

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Handle: RePEc:ecm:emetrp:v:58:y:1990:i:5:p:1007-40

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Cited by:
  1. Claude Hillinger, 2002. "A General Theory of Price and Quantity Aggregation and Welfare Measurement," CESifo Working Paper Series 818, CESifo Group Munich.
  2. Kjell Brekke & Hilde Lurå & Karine Nyborg, 1996. "Allowing disagreement in evaluations of social welfare," Journal of Economics, Springer, vol. 63(3), pages 303-324, October.
  3. Ada Ferrer-i-Carbonell, 2002. "Subjective Questions to Measure Welfare and Well-being," Tinbergen Institute Discussion Papers 02-020/3, Tinbergen Institute.
  4. Vincenzo Atella & Jay S. Coggins & Federico Perali, 2004. "Aversion to Inequality in Italy and its Determinants," CEIS Research Paper 56, Tor Vergata University, CEIS.
  5. Claude Hillinger, 2001. "Money Metric, Consumer Surplus and Welfare Measurement," German Economic Review, Verein für Socialpolitik, vol. 2(2), pages 177-193, 05.
  6. Hillinger, Claude, 2008. "Measuring Real Value and Inflation," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy, vol. 2(20), pages 1-26.
  7. Gould, Brian W., 1996. "Factors Affecting U.S. Demand For Reduced-Fat Fluid Milk," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 21(01), July.
  8. LaFrance, Jeffrey T. & Pope, Rulon D, 2007. "Homogeneity and supply," CUDARE Working Paper Series 1043, University of California at Berkeley, Department of Agricultural and Resource Economics and Policy.
  9. Migdalas, A. & Baourakis, G. & Kalogeras, N. & Meriem, H. B., 2004. "Sector modeling for the prediction and evaluation of Cretan olive oil," European Journal of Operational Research, Elsevier, vol. 152(2), pages 454-464, January.
  10. Laisney, François, 1991. "Mikroökonometrische Untersuchung von Aggregationsproblemen: Eine partielle Übersicht," ZEW Discussion Papers 91-03, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
  11. Marshall Reinsdorf & Jack E. Triplett, 2009. "A Review of Reviews: Ninety Years of Professional Thinking About the Consumer Price Index," NBER Chapters, in: Price Index Concepts and Measurement, pages 17-83 National Bureau of Economic Research, Inc.

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