IDEAS home Printed from https://ideas.repec.org/a/bla/scotjp/v34y1987i3p230-48.html
   My bibliography  Save this article

The Three Consumer Surpluses as Individual Welfare Measures

Author

Listed:
  • Wriglesworth, John L
  • Gravelle, Hugh S E

Abstract

This paper shows the extremely strong restrictions on individual preferences and social-value judgments that are necessary for the three conventional surplus concepts (equiv alent variation, compensating variation, and Marshallian surplus) to be measures of an individual's welfare change. If the surpluses are t o be cardinal welfare measures then individual preferences must be ei ther homothetic (CV, MS) or quasi-homothetic (EV), the welfare functi on must be nonpaternal and embody very different value judgments for the three measures. The elasticity of the marginal welfare of money w ith respect to income must be O for EV, 1 for MS, and 2 for CV. Copyright 1987 by Scottish Economic Society.

Suggested Citation

  • Wriglesworth, John L & Gravelle, Hugh S E, 1987. "The Three Consumer Surpluses as Individual Welfare Measures," Scottish Journal of Political Economy, Scottish Economic Society, vol. 34(3), pages 230-248, August.
    • Handle: RePEc:bla:scotjp:v:34:y:1987:i:3:p:230-48
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Emily Lancsar, 2002. "Deriving welfare measures from stated preference discrete choice modelling experiments, CHERE Discussion Paper No 48," Discussion Papers 48, CHERE, University of Technology, Sydney.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:scotjp:v:34:y:1987:i:3:p:230-48. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: https://edirc.repec.org/data/sesssea.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.