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Welfare Measurement and Representative Consumer Theory

Author

Listed:
  • Smith, Kerry
  • Von Haefen, Roger

Abstract

This paper generalizes results from Anderson, De Palma, and Thisse [1992] linking individual random utility and aggregate representative individual demand models, to consider a comparable relation for the willingness to pay functions for quality attribut es of marketed goods. It also suggests how the logic can be used to describe links between choice occasion and aggregate models (across occasions) for an individual.

Suggested Citation

  • Smith, Kerry & Von Haefen, Roger, 1997. "Welfare Measurement and Representative Consumer Theory," Working Papers 97-07, Duke University, Department of Economics.
    • Handle: RePEc:duk:dukeec:97-07
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    Cited by:

    1. J-D Lee & A Repkine & S-W Hwang & T-Y Kim, 2004. "Estimating consumers' willingness to pay for individual quality attributes with DEA," Journal of the Operational Research Society, Palgrave Macmillan;The OR Society, vol. 55(10), pages 1064-1070, October.
    2. Smith, V. Kerry, 2000. "JEEM and Non-market Valuation: 1974-1998," Journal of Environmental Economics and Management, Elsevier, vol. 39(3), pages 351-374, May.

    More about this item

    JEL classification:

    • Q2 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation

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