In this paper we propose a particular approach to measuring utility of income. To this end we develop a theoretical framework that restricts the class of admissible functional forms and distributions of the random components of the model. The theoretical approach is based on ideas and principles that are used in modern psychophysical research and theories of probabilistic choice.The empirical part of the paper is based on “Stated Preference” data (SPD). In the present context this means that individuals participating in a laboratory type of experiments are asked to rank order a set of hypothetical alternatives presented.
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Paper provided by Oslo University, Department of Economics in its series Memorandum with number
32/2003.
Find related papers by JEL classification: B21 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Microeconomics D19 - Microeconomics - - Household Behavior - - - Other
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