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The Welfare Gain from a New Good: An Introduction

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  • Creedy, John

Abstract

This note provides an elementary introduction to the measurement of welfare gains from the introduction of a new good, based on the concept of the ‘virtual price’ and standard expressions for welfare changes arising from price changes.

Suggested Citation

  • Creedy, John, 2015. "The Welfare Gain from a New Good: An Introduction," Working Paper Series 18869, Victoria University of Wellington, Chair in Public Finance.
    • Handle: RePEc:vuw:vuwcpf:18869
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    File URL: https://ir.wgtn.ac.nz/handle/123456789/18869
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    References listed on IDEAS

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    1. Neary, J. P. & Roberts, K. W. S., 1980. "The theory of household behaviour under rationing," European Economic Review, Elsevier, vol. 13(1), pages 25-42, January.
    2. Aviv Nevo, 2003. "New Products, Quality Changes, and Welfare Measures Computed from Estimated Demand Systems," The Review of Economics and Statistics, MIT Press, vol. 85(2), pages 266-275, May.
    3. Jonathan Hersh & Joachim Voth, 2009. "Sweet diversity: Colonial goods and the rise of European living standards after 1492," Economics Working Papers 1163, Department of Economics and Business, Universitat Pompeu Fabra, revised Jan 2011.
    4. John Creedy, 1998. "Measuring Welfare Changes and Tax Burdens," Books, Edward Elgar Publishing, number 1579.
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