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.
General
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