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Consumer's Surplus and Welfare Change in a Simple Dynamic Model

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  • Charles Blackorby
  • David Donaldson
  • David Moloney

Abstract

This paper shows that the discounted sum of instantaneous equivalent or compensating variations (generalized to allow for expenditure changes) is never an exact welfare indicator for a consumer whose preferences are represented by a continuous, increasing inter-temporal utility function.

Suggested Citation

  • Charles Blackorby & David Donaldson & David Moloney, 1984. "Consumer's Surplus and Welfare Change in a Simple Dynamic Model," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 51(1), pages 171-176.
    • Handle: RePEc:oup:restud:v:51:y:1984:i:1:p:171-176.
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    File URL: http://hdl.handle.net/10.2307/2297712
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    Citations

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    Cited by:

    1. Charles Blackorby & David Donaldson & John A. Weymark, 2008. "Hicksian Surplus Measures of Individual Welfare Change When There is Price and Income Uncertainty," Studies in Choice and Welfare, in: Prasanta K. Pattanaik & Koichi Tadenuma & Yongsheng Xu & Naoki Yoshihara (ed.), Rational Choice and Social Welfare, pages 195-213, Springer.
    2. Richard D. Smith, 2003. "Construction of the contingent valuation market in health care:a critical assessment," Health Economics, John Wiley & Sons, Ltd., vol. 12(8), pages 609-628, August.
    3. Yukiko Abe, 2009. "The Effects Of The 1.03 Million Yen Ceiling In A Dynamic Labor Supply Model," Contemporary Economic Policy, Western Economic Association International, vol. 27(2), pages 147-163, April.
    4. LaFrance, Jeffrey T., 1999. "An Econometric Model of the Demand for Food and Nutrition," Department of Agricultural & Resource Economics, UC Berkeley, Working Paper Series qt2z5516c2, Department of Agricultural & Resource Economics, UC Berkeley.
    5. LaFrance, Jeffrey T., 1999. "U.S. Food and Nutrient Demand and the Effects of Agricultural Policies," Department of Agricultural & Resource Economics, UC Berkeley, Working Paper Series qt52h9v4dq, Department of Agricultural & Resource Economics, UC Berkeley.
    6. Mark D. Agee & Kenneth C. Fah, 1995. "Social Discount Rates from Stratospheric Ozone Control," The Economic Record, The Economic Society of Australia, vol. 71(2), pages 191-196, June.
    7. Zafonte, Matthew & Hampton, Steve, 2007. "Exploring welfare implications of resource equivalency analysis in natural resource damage assessments," Ecological Economics, Elsevier, vol. 61(1), pages 134-145, February.
    8. Donaldson, David, 1992. "On The Aggregation Of Money Measures Of Well-Being In Applied Welfare Economics," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 17(1), pages 1-12, July.
    9. Thomas Klose, 2003. "A utility‐theoretic model for QALYs and willingness to pay," Health Economics, John Wiley & Sons, Ltd., vol. 12(1), pages 17-31, January.

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