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Evaluation of Welfare Change in Quantity‐Constrained Regimes

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  • RICHARD CORNES
  • ROBERT ALBON

Abstract

There are many circumstances where individuals are subject to constraints other than income and prices. Evaluation of welfare change from a price‐taking position to a quantity‐constrained position presents special problems. While remaining firmly in the partial‐equilibrium tradition, indifference curves in the price‐quantity space are applied to the identification of an equivalent variation. a modified Marshallian measure and a compensating variation in quantity‐constrained situations. These measures satisfy the condition of CV

Suggested Citation

  • Richard Cornes & Robert Albon, 1981. "Evaluation of Welfare Change in Quantity‐Constrained Regimes," The Economic Record, The Economic Society of Australia, vol. 57(2), pages 186-190, June.
    • Handle: RePEc:bla:ecorec:v:57:y:1981:i:2:p:186-190
    DOI: 10.1111/j.1475-4932.1981.tb01050.x
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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. Michael P. Murray, 1976. "Hicks, Marshall, and Points Off the Demand Curve," Public Finance Review, , vol. 4(4), pages 493-500, October.
    3. Dwight M. Jaffee & Thomas Russell, 1976. "Imperfect Information, Uncertainty, and Credit Rationing," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 90(4), pages 651-666.
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