Welfare Measurement and Representative Consumer Theory
AbstractThis paper generalizes results from Anderson, De Palma, and Thisse  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 InfoPaper provided by Duke University, Department of Economics in its series Working Papers with number 97-07.
Date of creation: 1997
Date of revision:
Publication status: Published in ECONOMICS LETTERS, Vol. 57, 1997, pages 63-67
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Other versions of this item:
- Smith, V. Kerry & Von Haefen, Roger, 1997. "Welfare measurement and representative consumer theory," Economics Letters, Elsevier, vol. 57(1), pages 63-67, November.
- Smith, V. Kerry & Von Haefen, Roger, 1997. "Welfare Measurement and Representative Consumer Theory," Discussion Papers dp-97-32, Resources For the Future.
- Q2 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation
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- ANDERSON, Simon P. & de PALMA, André & THISSE, Jacques-François, .
"The CES is a discrete choice model?,"
CORE Discussion Papers RP
-764, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- 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.
- Verboven, Frank, 1996. "The nested logit model and representative consumer theory," Economics Letters, Elsevier, vol. 50(1), pages 57-63, January.
- 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.
- Daniel McFadden, 1996. "Computing Willingness-to-Pay in Random Utility Models," Working Papers _011, University of California at Berkeley, Econometrics Laboratory Software Archive.
- 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.
- 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.
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