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Poverty and Welfare Measurement on the Basis of Prospect Theory

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  • J.ntti, Markus
  • Kanbur, Ravi
  • Nyyss.l., Milla
  • Pirttil., Jukka

Abstract

This paper examines the measurement of social welfare, poverty and inequality taking into account features that have been found to be important welfare determinants in behavioural economics. Most notably, we incorporate reference-dependence, loss aversion

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File URL: http://www.wider.unu.edu/stc/repec/pdfs/wp2012/wp2012-0109.pdf
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Bibliographic Info

Paper provided by World Institute for Development Economic Research (UNU-WIDER) in its series Working Paper Series with number UNU-WIDER Research Paper WP2012/109.

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Length: 35
Date of creation: 2012
Date of revision:
Handle: RePEc:unu:wpaper:wp2012-109

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Keywords: prospect theory; poverty; inequality; welfare measurement; vulnerability;

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References

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  1. Bernard M.S. van Praag, 2010. "Well-Being Inequality and Reference Groups - An Agenda for New Research," Tinbergen Institute Discussion Papers 10-015/3, Tinbergen Institute, revised 03 Mar 2010.
  2. Luna Bellani & Conchita D’Ambrosio, 2011. "Deprivation, Social Exclusion and Subjective Well-Being," Social Indicators Research, Springer, vol. 104(1), pages 67-86, October.
  3. James Foster & Indranil Dutta & Ajit Mishra, 2010. "On Measuring Vulnerability to Poverty," Working Papers 2010-13, The George Washington University, Institute for International Economic Policy.
  4. Graham, Carol & Eggers, Andrew & Sukhtankar, Sandip, 2004. "Does happiness pay?: An exploration based on panel data from Russia," Journal of Economic Behavior & Organization, Elsevier, vol. 55(3), pages 319-342, November.
  5. Adam Booij & Bernard Praag & Gijs Kuilen, 2010. "A parametric analysis of prospect theory’s functionals for the general population," Theory and Decision, Springer, vol. 68(1), pages 115-148, February.
  6. Richard Layard & Guy Mayraz & Stephen Nickell, 2009. "Does Relative Income Matter?: Are the Critics Right?," SOEPpapers on Multidisciplinary Panel Data Research 210, DIW Berlin, The German Socio-Economic Panel (SOEP).
  7. Yuriy Gorodnichenko & Klara Sabirianova Peter & Dmitriy Stolyarov, 2009. "Inequality and Volatility Moderation in Russia: Evidence from Micro-Level Panel Data on Consumption and Income," International Center for Public Policy Working Paper Series, at AYSPS, GSU paper0905, International Center for Public Policy, Andrew Young School of Policy Studies, Georgia State University.
  8. Fredrik Carlsson & Pham Khanh Nam & Martin Linde-Rahr & Peter Martinsson, 2007. "Are Vietnamese farmers concerned with their relative position in society?," Journal of Development Studies, Taylor & Francis Journals, vol. 43(7), pages 1177-1188.
  9. Di Tella, Rafael & Haisken-De New, John & MacCulloch, Robert, 2010. "Happiness adaptation to income and to status in an individual panel," Journal of Economic Behavior & Organization, Elsevier, vol. 76(3), pages 834-852, December.
  10. BARTOLINI Stefano & BILANCINI Ennio & SARRACINO Francesco, 2010. "Predicting the Trend of Well-Being in Germany: How Much Do Comparisons, Adaptation and Sociability Matter?," CEPS/INSTEAD Working Paper Series 2010-07, CEPS/INSTEAD.
  11. Ligon, Ethan & Schechter, Laura, 2002. "Measuring Vulnerability," 2002 Annual meeting, July 28-31, Long Beach, CA 19899, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  12. Delavande, Adeline & Giné, Xavier & McKenzie, David, 2011. "Measuring subjective expectations in developing countries: A critical review and new evidence," Journal of Development Economics, Elsevier, vol. 94(2), pages 151-163, March.
  13. Channing Arndt & Andres Garcia & Finn Tarp & James Thurlow, 2010. "Poverty Reduction and Economic Structure Comparative Path Analysis for Mozambique and Vietnam," Working Paper Series wp2010-122, World Institute for Development Economic Research (UNU-WIDER).
  14. Engström, Per & Nordblom, Katarina & Ohlsson, Henry & Persson, Annika, 2011. "Loss evasion and tax aversion," Working Paper Series 2011:17, Uppsala University, Department of Economics.
  15. Cesar Calvo & Stefan Dercon, 2005. "Measuring Individual Vulnerability," Economics Series Working Papers 229, University of Oxford, Department of Economics.
  16. Kahneman, Daniel & Tversky, Amos, 1979. "Prospect Theory: An Analysis of Decision under Risk," Econometrica, Econometric Society, vol. 47(2), pages 263-91, March.
  17. Tversky, Amos & Kahneman, Daniel, 1992. " Advances in Prospect Theory: Cumulative Representation of Uncertainty," Journal of Risk and Uncertainty, Springer, vol. 5(4), pages 297-323, October.
  18. Shorrocks, Anthony, 1978. "Income inequality and income mobility," Journal of Economic Theory, Elsevier, vol. 19(2), pages 376-393, December.
  19. Kanbur Ravi, 2001. "Economic Policy, Distribution and Poverty: The Nature of Disagreements," Peace Economics, Peace Science, and Public Policy, De Gruyter, vol. 7(2), pages 1-26, April.
  20. Senik, Claudia, 2004. "When information dominates comparison: Learning from Russian subjective panel data," Journal of Public Economics, Elsevier, vol. 88(9-10), pages 2099-2123, August.
  21. Jalan, Jyotsna & Ravallion, Martin, 1998. "Transient Poverty in Postreform Rural China," Journal of Comparative Economics, Elsevier, vol. 26(2), pages 338-357, June.
  22. Sen, Amartya K, 1976. "Poverty: An Ordinal Approach to Measurement," Econometrica, Econometric Society, vol. 44(2), pages 219-31, March.
  23. Luc Christiaensen & Anthony Shorrocks, 2012. "Measuring poverty over time," Journal of Economic Inequality, Springer, vol. 10(2), pages 137-143, June.
  24. Clark, Andrew E. & Frijters, Paul & Shields, Michael A., 2007. "Relative Income, Happiness and Utility: An Explanation for the Easterlin Paradox and Other Puzzles," IZA Discussion Papers 2840, Institute for the Study of Labor (IZA).
  25. Cesar Calvo & Stefan Dercon, 2007. "Chronic Poverty and All That: The Measurement of Poverty over Time," Economics Series Working Papers WPS/2007-04, University of Oxford, Department of Economics.
  26. Kaushik Basu & Patrick Nolen, 2006. "Vulnerability, Unemployment and Poverty: A Class of Distribution and Sensitive Measures, Its Axiomatic Properties and Applications," Economics Discussion Papers 623, University of Essex, Department of Economics.
  27. Gaiha, Raghav & Imai, Katsushi, 2008. "Measuring Vulnerability and Poverty: Estimates for Rural India," Working Paper Series RP2008/40, World Institute for Development Economic Research (UNU-WIDER).
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