Shaking Up Measures Of Consumer Economic Well-being
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A01=Thijs Ten Raa
Aggregation
Author_Thijs Ten Raa
Category=KCC
CES Functions
Consumer's Surplus
Engel Curves
eq_bestseller
eq_business-finance-law
eq_isMigrated=1
eq_isMigrated=2
eq_nobargain
eq_non-fiction
HDI
Measures of Well-Being
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Product details
- ISBN 9789811249785
- Publication Date: 17 May 2022
- Publisher: World Scientific Publishing Co Pte Ltd
- Publication City/Country: SG
- Product Form: Hardback
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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.
