Thijs Ten Raa

(Author)

Shaking up Measures of Consumer Economic Well-beingHardcover, 21 April 2022

Shaking up Measures of Consumer Economic Well-being
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Print Length
132 pages
Language
English
Publisher
World Scientific Publishing Company
Date Published
21 Apr 2022
ISBN-10
9811249784
ISBN-13
9789811249785

Description

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

Author:
Thijs Ten Raa
Book Format:
Hardcover
Country of Origin:
SG
Date Published:
21 April 2022
Dimensions:
22.86 x 15.24 x 0.97 cm
ISBN-10:
9811249784
ISBN-13:
9789811249785
Language:
English
Pages:
132
Weight:
344.73 gm

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