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Will Randall and Stoll's Bound Still Hold in a Complete Inverse Demand System?

Author

Listed:
  • Hoanjae Park

    (North Carolina State University)

Abstract

T his article provides a theoretically consistent framework for welfare measure-ment under quantity restrictions and free adjustment of prices in equilibrium, The paper extends Randall and Stoll S' and Hanemann 's results into a complete inverse demand system. It is found that Randall and 5" tollS and Hanemann s results should be modified to fit into the complete inverse demand system.

Suggested Citation

  • Hoanjae Park, 1997. "Will Randall and Stoll's Bound Still Hold in a Complete Inverse Demand System?," Korean Economic Review, Korean Economic Association, vol. 13(2), pages 5-22.
    • Handle: RePEc:kea:keappr:ker-199712-13-2-01
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    File URL: http://keapaper.kea.ne.kr/RePEc/kea/keappr/KER-199712-13-2-01.pdf
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    More about this item

    Keywords

    Quantity-based Compensating Variation. Quantity-based Equiva lent Variation; Willingness-To-Pay; Willingness-To-Accept. Scale Flexibility;
    All these keywords.

    JEL classification:

    • D60 - Microeconomics - - Welfare Economics - - - General
    • D62 - Microeconomics - - Welfare Economics - - - Externalities

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