On The Aggregation Of Money Measures Of Well-Being In Applied Welfare Economics
This article investigates the properties, good and bad, of social evaluations based on four money measures of well-being or changes in well-being: compensating variations, money metrics, extended money metrics, and welfare ratios. Consistency of social rankings (transitivity, asymmetry of preference), the possibility of incorporating inequality aversions, independence of the choice of reference prices, and the ethics implicit in the evaluations are considered. In addition, these procedures are contrasted with utility aggregation using equivalence scales.
Volume (Year): 17 (1992)
Issue (Month): 01 (July)
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- Roberts, Kevin, 1980.
"Price-independent welfare prescriptions,"
Journal of Public Economics,
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- Phipps, S., 1990. "Price-Sensitive Adult-Equivalence Scales For Canada," Department of Economics at Dalhousie University working papers archive 90-01, Dalhousie, Department of Economics.
- Jorgenson, Dale W & Slesnick, Daniel T, 1987. "Aggregate Consumer Behavior and Household Equivalence Scales," Journal of Business & Economic Statistics, American Statistical Association, vol. 5(2), pages 219-232, April.
- Boadway, Robin W, 1974. "The Welfare Foundations of Cost-Benefit Analysis," Economic Journal, Royal Economic Society, vol. 84(336), pages 926-939, December. Full references (including those not matched with items on IDEAS)
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