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Reference-price-independent welfare prescriptions

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  • Blackorby, Charles
  • Laisney, François
  • Schmachtenberg, Rolf

Abstract

A number of studies have evaluated the social welfare impact of price and income changes using equivalent incomes that are computed at some reference price vector, and an aggregator with these equivalent incomes as arguments in place of a social welfare function. This paper investigates the impact of the choice of the reference price vector on the results of such exercises, distinguishing the case of individualized prices from the constrained case where all individuals face the same price vector. We characterize preferences and aggregators leading to reference-price-independent welfare prescriptions. --

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Bibliographic Info

Paper provided by ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research in its series ZEW Discussion Papers with number 91-04.

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Date of creation: 1991
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Handle: RePEc:zbw:zewdip:9104

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  1. Slivinski, Alan D., 1983. "Income distribution evaluation and the law of one price," Journal of Public Economics, Elsevier, vol. 20(1), pages 103-112, February.
  2. Blackorby, Charles & Donaldson, David, 1988. "Money metric utility: A harmless normalization?," Journal of Economic Theory, Elsevier, vol. 46(1), pages 120-129, October.
  3. Atkinson, Anthony B., 1970. "On the measurement of inequality," Journal of Economic Theory, Elsevier, vol. 2(3), pages 244-263, September.
  4. Roberts, Kevin, 1980. "Price-Independent Welfare Prescriptions," Empirical Economics, Springer, vol. 13(3), pages 277-97, June.
  5. King, Mervyn A., 1983. "Welfare analysis of tax reforms using household data," Journal of Public Economics, Elsevier, vol. 21(2), pages 183-214, July.
  6. Willig, Robert D, 1981. "Social Welfare Dominance," American Economic Review, American Economic Association, vol. 71(2), pages 200-204, May.
  7. Weymark, John A, 1985. "Money-Metric Utility Functions," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 26(1), pages 219-32, February.
  8. Muellbauer, John, 1974. "Inequality Measures, Prices and Household Composition," Review of Economic Studies, Wiley Blackwell, vol. 41(4), pages 493-504, October.
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Cited by:
  1. John Creedy & Nicolas Hérault, 2011. "Decomposing Inequality and Social Welfare Changes: The Use of Alternative Welfare Metrics," Melbourne Institute Working Paper Series wp2011n08, Melbourne Institute of Applied Economic and Social Research, The University of Melbourne.
  2. Cormac O'Dea & Ian Preston, 2012. "The distributional impact of public spending in the UK," IFS Working Papers W12/06, Institute for Fiscal Studies.
  3. Bargain, Olivier & Decoster, André & Dolls, Mathias & Neumann, Dirk & Peichl, Andreas & Siegloch, Sebastian, 2011. "Welfare, Labor Supply and Heterogeneous Preferences: Evidence for Europe and the US," IZA Discussion Papers 6102, Institute for the Study of Labor (IZA).
  4. repec:ese:emodwp:em5-11 is not listed on IDEAS
  5. Laisney, François & Mühleisen, Martin & Staat, Matthias & Vögele, Stefan, 1992. "Simulation of reforms of direct and indirect taxation for France," ZEW Discussion Papers 92-07, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.

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