Schlee (2013) asserts the equivalence between a local welfare measure proposed by Radner (1993) and the derivatives of six other welfare measures. The asserted equivalence between Radner's measure and one of these – Debreu's (1951) coefficient of resource utilization – is false. What is the case is that the other six local welfare measures are equivalent to a modification of Debreu's coefficient that applies to economies with distortions.
- Benefit function
- Coefficient of resource utilization
- Local cost–benefit analysis
ASJC Scopus subject areas
- Economics and Econometrics