Welfare measurement and representative consumer theory

V. Kerry Smith, Roger Von Haefen

Research output: Contribution to journalArticle

3 Citations (Scopus)

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
StatePublished - Nov 28 1997
Externally publishedYes

Fingerprint

Consumer theory
Welfare measurement
Representative consumer
Demand model
Random utility
Willingness-to-pay
Logic
Quality attributes

Keywords

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

ASJC Scopus subject areas

  • Economics and Econometrics
  • Finance

Cite this

Smith, V. K., & Von Haefen, R. (1997). Welfare measurement and representative consumer theory. Economics Letters, 57(1), 63-67.

Welfare measurement and representative consumer theory. / Smith, V. Kerry; Von Haefen, Roger.

In: Economics Letters, Vol. 57, No. 1, 28.11.1997, p. 63-67.

Research output: Contribution to journalArticle

Smith, VK & Von Haefen, R 1997, 'Welfare measurement and representative consumer theory', Economics Letters, vol. 57, no. 1, pp. 63-67.
Smith VK, Von Haefen R. Welfare measurement and representative consumer theory. Economics Letters. 1997 Nov 28;57(1):63-67.
Smith, V. Kerry ; Von Haefen, Roger. / Welfare measurement and representative consumer theory. In: Economics Letters. 1997 ; Vol. 57, No. 1. pp. 63-67.
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