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Exact and Superlative Welfare Change Indicators

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  • Diewert, W E

Abstract

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.

Suggested Citation

  • Diewert, W E, 1992. "Exact and Superlative Welfare Change Indicators," Economic Inquiry, Western Economic Association International, vol. 30(4), pages 562-582, October.
  • Handle: RePEc:oup:ecinqu:v:30:y:1992:i:4:p:562-82
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    Citations

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    Cited by:

    1. Barnett, William A. & Erwin Diewert, W. & Zellner, Arnold, 2011. "Introduction to measurement with theory," Journal of Econometrics, Elsevier, vol. 161(1), pages 1-5, March.
    2. Claude Hillinger, 2002. "A General Theory of Price and Quantity Aggregation and Welfare Measurement," CESifo Working Paper Series 818, CESifo Group Munich.
    3. Lilyan Fulginiti & Richard Perrin, 2005. "Productivity and Welfare," Journal of Productivity Analysis, Springer, vol. 24(2), pages 133-155, October.
    4. DECANCQ, Koen & FLEURBAEY, Marc & SCHOKKAERT, Erik, 2014. "Inequality, income, and well-being," CORE Discussion Papers 2014018, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    5. Smed, Sinne & Jensen, Jorgen Dejgaard & Denver, Sigrid, 2005. "Differentiated Food Taxes as a Tool in Health and Nutrition Policy," 2005 International Congress, August 23-27, 2005, Copenhagen, Denmark 24579, European Association of Agricultural Economists.
    6. Perrin, Richard K. & Fulginiti, Lilyan E., 1998. "Technological Change And Welfare In An Economy With Distortions," 1998 Annual meeting, August 2-5, Salt Lake City, UT 21013, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    7. Barnett, William A. & Choi, Ki-Hong, 2008. "Operational identification of the complete class of superlative index numbers: An application of Galois theory," Journal of Mathematical Economics, Elsevier, vol. 44(7-8), pages 603-612, July.
    8. Smith, V. Kerry & Van Houtven, George & Pattanayak, Subhrendu, 1999. "Benefit Transfer as Preference Calibration," Discussion Papers dp-99-36, Resources For the Future.
    9. W. Erwin Diewert, 1995. "Price and Volume Measures in the System of National Accounts," NBER Working Papers 5103, National Bureau of Economic Research, Inc.
    10. Edjabou, Louise Dyhr & Smed, Sinne, 2013. "The effect of using consumption taxes on foods to promote climate friendly diets – The case of Denmark," Food Policy, Elsevier, vol. 39(C), pages 84-96.
    11. Claude Hillinger, 2001. "Money Metric, Consumer Surplus and Welfare Measurement," German Economic Review, Verein für Socialpolitik, vol. 2(2), pages 177-193, May.
    12. Robert J. Hill & Alice O. Nakamura, 2010. "Improving Inflation And Related Performance Measures For Nations: An Introduction," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 56(s1), pages 1-10, June.

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