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Shaking up Measures of Consumer Economic Well-being

Author

Listed:
  • Thijs ten Raa

    (Utrecht School of Economics, The Netherlands)

Abstract

In this book the author analyzes measures of consumer well-being. The three main, neoclassical measures of well-being are the compensating variation, the equivalent variation, and consumer's surplus. The question is which of the measures of consumer well-being is the best. This book tackles the question, with a surprising outcome that is contrary to the main opinion in the literature. Prof ten Raa presents a test that measures must pass to track utility. The test will be used to sort measures in the remainder of the book. It will culminate in a variant of consumer's surplus, which he calls the consumer's index, and a generalization that applies to nonhomothetic demands. Variants of the consumer's index are presented, including ones that are applicable to demand functions with income effects, even nonlinear ones. So-called broad measures of consumer well-being, such as the Human Development Index, will be encompassed.

Suggested Citation

  • Thijs ten Raa, 2022. "Shaking up Measures of Consumer Economic Well-being," World Scientific Books, World Scientific Publishing Co. Pte. Ltd., number 12656.
    • Handle: RePEc:wsi:wsbook:12656
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    File URL: https://www.worldscientific.com/worldscibooks/10.1142/12656
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    More about this item

    Keywords

    Consumer's Surplus; Measures of Well-Being; Price Indices; Aggregation; Engel Curves; CES Functions; HDI;
    All these keywords.

    JEL classification:

    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
    • D9 - Microeconomics - - Micro-Based Behavioral Economics
    • C01 - Mathematical and Quantitative Methods - - General - - - Econometrics

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