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Price Index Dispersion And Utilitarian Social Evaluation

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Author Info
Christophe Muller () (Universidad de Alicante)

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Abstract

The living standard indicator in utilitarian social evaluation functions (USEF) is the ratio of a nominal living standard and a price index. We show that under weak association of price indices and nominal living standards and usual concavity conditions on utility functions, utilitarian social welfare increases with price index dispersion when the aggregate price level is superior to the arithmetic mean of price indices, and diminishes when it is inferior to the harmonic mean.

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File URL: http://www.ivie.es/downloads/docs/wpasad/wpasad-2005-09.pdf
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Publisher Info
Paper provided by Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie) in its series Working Papers. Serie AD with number 2005-09.

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Length: 10 pages
Date of creation: Mar 2005
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Publication status: Published by Ivie
Handle: RePEc:ivi:wpasad:2005-09

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Related research
Keywords: Personal income distribution; economic welfare; price dispersion;

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Find related papers by JEL classification:
D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
D6 - Microeconomics - - Welfare Economics

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  1. Muller, Christophe, 2002. "Prices and living standards: evidence for Rwanda," Journal of Development Economics, Elsevier, vol. 68(1), pages 187-203, June. [Downloadable!] (restricted)
  2. Fleurbaey, Marc & Hagnere, Cyrille & Trannoy, Alain, 2003. "Welfare comparisons with bounded equivalence scales," Journal of Economic Theory, Elsevier, vol. 110(2), pages 309-336, June. [Downloadable!] (restricted)
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  3. Atkinson, Anthony B & Bourguignon, Francois, 1982. "The Comparison of Multi-Dimensioned Distributions of Economic Status," Review of Economic Studies, Blackwell Publishing, vol. 49(2), pages 183-201, April. [Downloadable!] (restricted)
  4. Roberts, Kevin, 1980. "Price-Independent Welfare Prescriptions," Empirical Economics, Springer, vol. 13(3), pages 277-97, June.
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  5. Rothschild, Michael & Stiglitz, Joseph E., 1973. "Some further results on the measurement of inequality," Journal of Economic Theory, Elsevier, vol. 6(2), pages 188-204, April. [Downloadable!] (restricted)
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  6. Levy, Haim & Paroush, Jacob, 1974. "Toward multivariate efficiency criteria," Journal of Economic Theory, Elsevier, vol. 7(2), pages 129-142, February. [Downloadable!] (restricted)
  7. Pierre-Olivier Gourinchas & Jonathan A. Parker, 2002. "Consumption Over the Life Cycle," Econometrica, Econometric Society, vol. 70(1), pages 47-89, January. [Downloadable!] (restricted)
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  8. Turnovsky, Stephen J & Shalit, Haim & Schmitz, Andrew, 1980. "Consumer's Surplus, Price Instability, and Consumer Welfare," Econometrica, Econometric Society, vol. 48(1), pages 135-52, January. [Downloadable!] (restricted)
  9. Blackorby, Charles & Bossert, Walter & Donaldson, David, 1999. "Price-Independent Welfare Prescriptions and Population Size," Journal of Economic Theory, Elsevier, vol. 84(1), pages 111-119, January. [Downloadable!] (restricted)
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  10. Baye, Michael R, 1985. "Price Dispersion and Functional Price Indices," Econometrica, Econometric Society, vol. 53(1), pages 213-23, January. [Downloadable!] (restricted)
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