Radner’s cost–benefit analysis in the small: An equivalence result
I show that local changes in five welfare measures are equal: a measure proposed by Radner (1993); consumers’ surplus; the Slutsky change in real wealth; the Divisia quantity index, and Debreu’s (1951) coefficient of resource utilization (the last two rescaled in units of a numeraire good).
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- Mas-Colell,Andreu, 1990.
"The Theory of General Economic Equilibrium,"
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- Mas-Colell,Andreu, 1985. "The Theory of General Economic Equilibrium," Cambridge Books, Cambridge University Press, number 9780521265140, February.
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- Debreu, Gerard, 1970. "Economies with a Finite Set of Equilibria," Econometrica, Econometric Society, vol. 38(3), pages 387-392, May.
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- DEBREU, Gérard, "undated". "Smooth preferences," CORE Discussion Papers RP 132, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
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- Hammond,Peter, 1988. "Theoretical progress in public economics: A provocative assessment," Discussion Paper Serie A 171, University of Bonn, Germany.
- Willig, Robert D, 1976. "Consumer's Surplus without Apology," American Economic Review, American Economic Association, vol. 66(4), pages 589-597, September.
- Diewert, W E, 1981. "The Measurement of Deadweight Loss Revisited," Econometrica, Econometric Society, vol. 49(5), pages 1225-1244, September.
- Edward E. Schlee, 2013. "Surplus Maximization and Optimality," American Economic Review, American Economic Association, vol. 103(6), pages 2585-2611, October.
- Arrow, Kenneth J & Lind, Robert C, 1970. "Uncertainty and the Evaluation of Public Investment Decisions," American Economic Review, American Economic Association, vol. 60(3), pages 364-378, June.
- J. R. Hicks, 1942. "Consumers' Surplus and Index-Numbers," Review of Economic Studies, Oxford University Press, vol. 9(2), pages 126-137.
- Silberberg, Eugene, 1972. "Duality and the Many Consumer's Surpluses," American Economic Review, American Economic Association, vol. 62(5), pages 942-952, December.
- Bruce, Neil, 1977. "A Note on Consumer's Surplus, the Divisia Index, and the Measurement of Welfare Changes," Econometrica, Econometric Society, vol. 45(4), pages 1033-1038, May. Full references (including those not matched with items on IDEAS)
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