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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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    References listed on IDEAS

    as
    1. Parsons George R. & Kealy Mary Jo, 1995. "A Demand Theory for Number of Trips in a Random Utility Model of Recreation," Journal of Environmental Economics and Management, Elsevier, vol. 29(3), pages 357-367, November.
    2. Anderson, Simon P. & De Palma, Andre & Thisse, Jacques-Francois, 1987. "The CES is a discrete choice model?," Economics Letters, Elsevier, vol. 24(2), pages 139-140.
    3. Desvouges, William H. & Naughton, Michael C. & Parsons, George R., 1992. "Benefits transfer: conceptual problems in estimating water quality benefits using existing studies," MPRA Paper 36405, University Library of Munich, Germany.
    4. Morey Edward R., 1994. "What Is Consumer's Surplus Per Day of Use, When Is It a Constant Independent of the Number of Days of Use, and What Does It Tell Us about Consumers Surplus?," Journal of Environmental Economics and Management, Elsevier, vol. 26(3), pages 257-270, May.
    5. Zvi Griliches, 1964. "Notes on the Measurement of Price and Quality Changes," NBER Chapters,in: Models of Income Determination, pages 381-418 National Bureau of Economic Research, Inc.
    6. Verboven, Frank, 1996. "The nested logit model and representative consumer theory," Economics Letters, Elsevier, vol. 50(1), pages 57-63, January.
    7. Daniel McFadden, 1996. "Computing Willingness-to-Pay in Random Utility Models," Working Papers _011, University of California at Berkeley, Econometrics Laboratory Software Archive.
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    Citations

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    Cited by:

    1. Lee, Jeongdong & Repkine, Alexandre & Hwang, Seogwon & Kim, Taiyoo, 2004. "Estimating Consumers’ Willingness to Pay for the Individual Quality Attributes with DEA," MPRA Paper 7848, University Library of Munich, Germany.
    2. repec:pal:jorsoc:v:55:y:2004:i:10:d:10.1057_palgrave.jors.2601797 is not listed on IDEAS
    3. 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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