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Use of Paasche and Laspeyres Variations to Estimate Consumer Welfare Change

Author

Listed:
  • Cory, Dennis C.
  • Gum, Russell L.
  • Martin, William E.
  • Leigh, Marie

Abstract

Many measurements of consumer welfare have been proposed to reflect the income equivalent of a welfare change Measures used in policy evaluations are compensating variation, equivalent variation, Paasche variation, Laspeyres variation, and consumer's surplus This research presents an empirical test for differences among these five welfare measures in a dynamic multimarket context We argue that in many policy evaluations, adequate and rigorous information for decisionmaking is supplied by estimates for the easily calculated Paasche and Laspeyres variations, and consumer's surplus measures

Suggested Citation

  • Cory, Dennis C. & Gum, Russell L. & Martin, William E. & Leigh, Marie, 1981. "Use of Paasche and Laspeyres Variations to Estimate Consumer Welfare Change," Journal of Agricultural Economics Research, United States Department of Agriculture, Economic Research Service, vol. 33(2), pages 1-6, April.
    • Handle: RePEc:ags:uersja:148717
    DOI: 10.22004/ag.econ.148717
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    Cited by:

    1. Morris, Suzanna Lynn, 1983. "The variances of stochastic forecasts: calculating the reliability of predicted policy consequences," ISU General Staff Papers 1983010108000018061, Iowa State University, Department of Economics.
    2. Pope, Rulon D., 1984. "The Economic Value Of Consumer Information: A Selected, Annotated Bibliography," Staff Reports 278877, United States Department of Agriculture, Economic Research Service.

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