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On the expenditure function and welfare in random utility models

Author

Listed:
  • Paolo Delle Site

    (University of Rome La Sapienza)

Abstract

We extend the results on the cumulative distribution function and the expectation of the expenditure function in additive random utility models to cases of imperfect before-after correlation of the random terms, expenditure unrestricted in sign, and changing choice set. The results are of practical interest for welfare analysis.

Suggested Citation

  • Paolo Delle Site, 2014. "On the expenditure function and welfare in random utility models," Economics Bulletin, AccessEcon, vol. 34(1), pages 152-163.
    • Handle: RePEc:ebl:ecbull:eb-13-00493
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    File URL: http://www.accessecon.com/Pubs/EB/2014/Volume34/EB-14-V34-I1-P17.pdf
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    More about this item

    Keywords

    discrete choice; random utility; random expenditure; random compensating variation;
    All these keywords.

    JEL classification:

    • D1 - Microeconomics - - Household Behavior
    • D6 - Microeconomics - - Welfare Economics

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