Welfare measurement and representative consumer theory

V. Kerry Smith, Roger Von Haefen

Research output: Contribution to journalArticle

3 Scopus citations

Abstract

This paper generalizes results from linking individual random utility and aggregate representative individual demand models, to consider a comparable relation for the willingness to pay functions for quality attributes of marketed goods. It also suggests how the logic can be used to describe links between choice occasion and aggregate models (across occasions) for an individual.

Original languageEnglish (US)
Pages (from-to)63-67
Number of pages5
JournalEconomics Letters
Volume57
Issue number1
DOIs
StatePublished - Nov 28 1997

Keywords

  • Aggregation
  • D10
  • Q2
  • RUM
  • Willingness to pay

ASJC Scopus subject areas

  • Finance
  • Economics and Econometrics

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