Exact and Superlative Welfare Change Indicators
An exact welfare change indicator is defined to be a known function of the price and quantity data for two periods (for a utility maximizing consumer) which is exactly equal to the Hicksian equivalent variation. A welfare change indicator is termed superlative if it is exactly equal to the equivalent variation for an expenditure function that has a second-order approximation property. The paper exhibits a number of superlative welfare change indicators, and also reviews the earlier attempts of J. R. Hicks and M. L. Weitzman to obtain equivalent variation measures that had a second-order approximation property. Copyright 1992 by Oxford University Press.
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Volume (Year): 30 (1992)
Issue (Month): 4 (October)
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