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Welfare Measurement and Representative Consumer Theory

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  • Smith, Kerry
  • Von Haefen, Roger

Abstract

This paper generalizes results from Anderson, De Palma, and Thisse [1992] linking individual random utility and aggregate representative individual demand models, to consider a comparable relation for the willingness to pay functions for quality attribut es of marketed goods. It also suggests how the logic can be used to describe links between choice occasion and aggregate models (across occasions) for an individual.

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Bibliographic Info

Paper provided by Duke University, Department of Economics in its series Working Papers with number 97-07.

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Date of creation: 1997
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Publication status: Published in ECONOMICS LETTERS, Vol. 57, 1997, pages 63-67
Handle: RePEc:duk:dukeec:97-07

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Postal: Department of Economics Duke University 213 Social Sciences Building Box 90097 Durham, NC 27708-0097
Phone: (919) 660-1800
Fax: (919) 684-8974
Web page: http://econ.duke.edu/

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  1. Parsons George R. & Kealy Mary Jo, 1995. "A Demand Theory for Number of Trips in a Random Utility Model of Recreation," Journal of Environmental Economics and Management, Elsevier, vol. 29(3), pages 357-367, November.
  2. Anderson, Simon P. & De Palma, Andre & Thisse, Jacques-Francois, 1987. "The CES is a discrete choice model?," Economics Letters, Elsevier, vol. 24(2), pages 139-140.
  3. Zvi Griliches, 1964. "Notes on the Measurement of Price and Quality Changes," NBER Chapters, in: Models of Income Determination, pages 381-418 National Bureau of Economic Research, Inc.
  4. Desvouges, William H. & Naughton, Michael C. & Parsons, George R., 1992. "Benefits transfer: conceptual problems in estimating water quality benefits using existing studies," MPRA Paper 36405, University Library of Munich, Germany.
  5. Morey Edward R., 1994. "What Is Consumer's Surplus Per Day of Use, When Is It a Constant Independent of the Number of Days of Use, and What Does It Tell Us about Consumers Surplus?," Journal of Environmental Economics and Management, Elsevier, vol. 26(3), pages 257-270, May.
  6. Verboven, Frank, 1996. "The nested logit model and representative consumer theory," Economics Letters, Elsevier, vol. 50(1), pages 57-63, January.
  7. Daniel McFadden, 1996. "Computing Willingness-to-Pay in Random Utility Models," Working Papers _011, University of California at Berkeley, Econometrics Laboratory Software Archive.
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