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Hicks, Marshall, and Points Off the Demand Curve


  • Michael P. Murray

    (University of Virginia)


It is well known that Marshall's measure of consumer's surplus is an underestimator of Hicks' equivalent variation of consumer's surplus when the points under consideration are on the consumer's demand curve. In this note it is shown that when the points are not both on the demand curve, a common situation for many policy questions, Marshall's measure may become an overestimator of Hick's measure.

Suggested Citation

  • Michael P. Murray, 1976. "Hicks, Marshall, and Points Off the Demand Curve," Public Finance Review, , vol. 4(4), pages 493-500, October.
  • Handle: RePEc:sae:pubfin:v:4:y:1976:i:4:p:493-500

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    References listed on IDEAS

    1. Zodrow, George R., 2001. "The Property Tax as a Capital Tax: A Room With Three Views," National Tax Journal, National Tax Association, vol. 54(1), pages 139-156, March.
    2. James Alm & Mikhail I. Melnik, 2012. "Cross-border Shopping and State Use Tax Liabilities: Evidence from eBay Transactions," Working Papers 1205, Tulane University, Department of Economics.
    3. Zodrow, George R., 2001. "The Property Tax as a Capital Tax: A Room with Three Views," National Tax Journal, National Tax Association, vol. 54(n. 1), pages 139-56, March.
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