Use of Paasche and Laspeyres Variations to Estimate Consumer Welfare Change
Many measurements of consumer welfare have been proposed to reflect the income equivalent of a welfare change Measures used in policy evaluations are compensating variation, equivalent variation, Paasche variation, Laspeyres variation, and consumer's surplus This research presents an empirical test for differences among these five welfare measures in a dynamic multimarket context We argue that in many policy evaluations, adequate and rigorous information for decisionmaking is supplied by estimates for the easily calculated Paasche and Laspeyres variations, and consumer's surplus measures
Volume (Year): (1981)
Issue (Month): 2 ()
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- Silberberg, Eugene, 1972. "Duality and the Many Consumer's Surpluses," American Economic Review, American Economic Association, vol. 62(5), pages 942-52, December.
- Willig, Robert D, 1979. "Consumer's Surplus without Apology: Reply," American Economic Review, American Economic Association, vol. 69(3), pages 469-74, June.
- Currie, John Martin & Murphy, John A & Schmitz, Andrew, 1971. "The Concept of Economic Surplus and its Use in Economic Analysis," Economic Journal, Royal Economic Society, vol. 81(324), pages 741-99, December.
- Just, Richard E & Hueth, Darrell L, 1979. "Welfare Measures in a Multimarket Framework," American Economic Review, American Economic Association, vol. 69(5), pages 947-54, December.
- Burns, Michael E, 1973. "A Note on the Concept and Measure of Consumer's Surplus," American Economic Review, American Economic Association, vol. 63(3), pages 335-44, June.
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