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Shaking up measures of consumer economic well-being
Hardback
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- Book Synopsis
- 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.
- Product Details
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- ISBN
- 9789811249785
- Format
- Hardback
- Publisher
- World Scientific Publishing, (06 May 2022)
- Number of Pages
- 132
- Weight
- 338 grams
- Language
- English
- Dimensions
- 158 x 236 x 15 mm
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