Regional Welfare Weights in Investment Appraisal - The Case of India
Pareto welfare criterion based only on peopleâ€™s willingness to pay for the projectâ€™s output is regarded by many as being a narrow interpretation of an improvement in social well-being. A broader opinion is that even though poorer individuals may be less able to pay for a particular benefit, they may obtain greater utility from it. In line with the broader opinion, this paper looks at regional welfare weights in India on the basis of a conventional consumption utility function which assumes diminishing marginal utility. Estimated parameters are; elasticity of marginal utility of consumption, and per capita national and regional incomes which are used in the calculation of welfare weights for 17 states of India.
Volume (Year): 32 (2002)
Issue (Month): 1 ()
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