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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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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. Amos Tversky & Daniel Kahneman, 1979. "Prospect Theory: An Analysis of Decision under Risk," Levine's Working Paper Archive 7656, David K. Levine.
  2. Stefano Bartolini & Ennio Bilancini & Francesco Sarracino, 2013. "Predicting the Trend of Well-Being in Germany: How Much Do Comparisons, Adaptation and Sociability Matter?," Social Indicators Research, Springer, vol. 114(2), pages 169-191, November.
  3. Ethan Ligon & Laura Schechter, 2003. "Measuring Vulnerability," Economic Journal, Royal Economic Society, vol. 113(486), pages C95-C102, March.
  4. Cesar Calvo & Stefan Dercon, 2007. "Chronic Poverty and All That: The Measurement of Poverty over Time," CSAE Working Paper Series 2007-04, Centre for the Study of African Economies, University of Oxford.
  5. Rafael Di Tella & John Haisken-De New & Robert MacCulloch, 2007. "Happiness Adaptation to Income and to Status in an Individual Panel," NBER Working Papers 13159, National Bureau of Economic Research, Inc.
  6. Bernard M.S. Van Praag, 2010. "Well-being Inequality and Reference Groups - An Agenda for New Research," CESifo Working Paper Series 2984, CESifo Group Munich.
  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," NBER Working Papers 15080, National Bureau of Economic Research, Inc.
  8. Cesar Calvo & Stefan Dercon, 2005. "Measuring Individual Vulnerability," Economics Series Working Papers 229, University of Oxford, Department of Economics.
  9. Booij, Adam S. & van Praag, Bernard M. S. & van de Kuilen, Gijs, 2009. "A Parametric Analysis of Prospect Theory's Functionals for the General Population," IZA Discussion Papers 4117, Institute for the Study of Labor (IZA).
  10. Shorrocks, Anthony, 1978. "Income inequality and income mobility," Journal of Economic Theory, Elsevier, vol. 19(2), pages 376-393, December.
  11. Kanbur, Ravi, 2001. "Economic Policy, Distribution and Poverty: The Nature of Disagreements," World Development, Elsevier, vol. 29(6), pages 1083-1094, June.
  12. Luna Bellani & Conchita D’Ambrosio, 2011. "Deprivation, Social Exclusion and Subjective Well-Being," Social Indicators Research, Springer, vol. 104(1), pages 67-86, October.
  13. Engström, Per & Nordblom, Katarina & Ohlsson, Henry & Persson, Annika, 2011. "Loss evasion and tax aversion," Working Paper Series, Center for Fiscal Studies 2011:11, Uppsala University, Department of Economics.
  14. Luc Christiaensen & Anthony Shorrocks, 2012. "Measuring poverty over time," Journal of Economic Inequality, Springer, vol. 10(2), pages 137-143, June.
  15. 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.
  16. Richard Layard & Guy Mayraz & Stephen Nickell, 2009. "Does relative income matter? Are the critics right?," LSE Research Online Documents on Economics 28594, London School of Economics and Political Science, LSE Library.
  17. Andrew E. Clark & Paul Frijters & Michael A. Shields, 2008. "Relative Income, Happiness, and Utility: An Explanation for the Easterlin Paradox and Other Puzzles," Journal of Economic Literature, American Economic Association, vol. 46(1), pages 95-144, March.
  18. 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.
  19. 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.
  20. Channing Arndt & Andres Garcia & Finn Tarp & James Thurlow, 2012. "Poverty Reduction and Economic Structure: Comparative Path Analysis for Mozambique and Vietnam," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 58(4), pages 742-763, December.
  21. 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.
  22. Sen, Amartya K, 1976. "Poverty: An Ordinal Approach to Measurement," Econometrica, Econometric Society, vol. 44(2), pages 219-31, March.
  23. Jalan, Jyotsna & Ravallion, Martin, 1998. "Transient Poverty in Postreform Rural China," Journal of Comparative Economics, Elsevier, vol. 26(2), pages 338-357, June.
  24. 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.
  25. 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.
  26. 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).
  27. 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.
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