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Consumer surplus analysis under uncertainty: A general equilibrium perspective

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  • Hayashi, Takashi

Abstract

This paper derives an exact form of partial equilibrium efficiency measure under uncertainty which is consistent with expected utility maximization in a general equilibrium situation with ex-post spot markets for many goods and asset markets which are in general incomplete.

Suggested Citation

  • Hayashi, Takashi, 2014. "Consumer surplus analysis under uncertainty: A general equilibrium perspective," Journal of Mathematical Economics, Elsevier, vol. 55(C), pages 154-164.
  • Handle: RePEc:eee:mateco:v:55:y:2014:i:c:p:154-164
    DOI: 10.1016/j.jmateco.2014.02.001
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    References listed on IDEAS

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    1. Grant, Simon & Kajii, Atsushi & Polak, Ben, 1992. "Many good choice Axioms: When can many-good lotteries be treated as money lotteries?," Journal of Economic Theory, Elsevier, vol. 56(2), pages 313-337, April.
    2. Hayashi, Takashi, 2013. "Smallness of a commodity and partial equilibrium analysis," Journal of Economic Theory, Elsevier, vol. 148(1), pages 279-305.
    3. Michael Magill & Martine Quinzii, 2002. "Theory of Incomplete Markets, Volume 1," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262632543, January.
    4. Hayashi, Takashi, 2008. "A note on small income effects," Journal of Economic Theory, Elsevier, vol. 139(1), pages 360-379, March.
    5. Benton F. Massell, 1969. "Price Stabilization and Welfare," The Quarterly Journal of Economics, Oxford University Press, vol. 83(2), pages 284-298.
    6. Edward Schlee, 2008. "Expected consumer’s surplus as an approximate welfare measure," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 34(1), pages 127-155, January.
    7. Turnovsky, Stephen J & Shalit, Haim & Schmitz, Andrew, 1980. "Consumer's Surplus, Price Instability, and Consumer Welfare," Econometrica, Econometric Society, vol. 48(1), pages 135-152, January.
    8. Rogerson, William P, 1980. "Aggregate Expected Consumer Surplus as a Welfare Index with an Application to Price Stabilization," Econometrica, Econometric Society, vol. 48(2), pages 423-436, March.
    9. Frederick V. Waugh, 1944. "Does the Consumer Benefit from Price Instability?," The Quarterly Journal of Economics, Oxford University Press, vol. 58(4), pages 602-614.
    10. Xavier Vives, 1987. "Small Income Effects: A Marshallian Theory of Consumer Surplus and Downward Sloping Demand," Review of Economic Studies, Oxford University Press, vol. 54(1), pages 87-103.
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