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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- Willig, Robert D, 1976. "Consumer's Surplus without Apology," American Economic Review, American Economic Association, vol. 66(4), pages 589-97, September.
- Debreu, Gerard, 1972.
Econometric Society, vol. 40(4), pages 603-15, July.
- Diewert, W E, 1981. "The Measurement of Deadweight Loss Revisited," Econometrica, Econometric Society, vol. 49(5), pages 1225-44, September.
- Debreu, Gerard, 1970.
"Economies with a Finite Set of Equilibria,"
Econometric Society, vol. 38(3), pages 387-92, May.
- 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 364-78, June.
- Hammond, Peter J, 1990.
"Theoretical Progress in Public Economics: A Provocative Assessment,"
Oxford Economic Papers,
Oxford University Press, vol. 42(1), pages 6-33, January.
- Hammond,Peter, 1988. "Theoretical progress in public economics: A provocative assessment," Discussion Paper Serie A 171, University of Bonn, Germany.
- Silberberg, Eugene, 1972. "Duality and the Many Consumer's Surpluses," American Economic Review, American Economic Association, vol. 62(5), pages 942-52, December.
- Blackorby, Charles, 1999. " Partial-Equilibrium Welfare Analysis," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 1(3), pages 359-74.
- 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 1033-38, May.
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