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The elevated status of the elasticity of marginal utility of consumption

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  • David Evans

Abstract

The latest UK Treasury guidance on appraisal and evaluation in central government raises the status of the elasticity of marginal utility of consumption (e). While estimates of e are sensitive to a measurement approach, a case is made for placing some emphasis on a method based on consumer demand analysis. Alternative demand models are estimated for the UK and from the best results an e value of 1.6 emerges. For EU countries both this and other methods can be used to measure e. This, for example, permits a cross-country comparison of alternative measures of the social discount rate on a methodologically consistent basis.

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  • David Evans, 2004. "The elevated status of the elasticity of marginal utility of consumption," Applied Economics Letters, Taylor & Francis Journals, vol. 11(7), pages 443-447.
    • Handle: RePEc:taf:apeclt:v:11:y:2004:i:7:p:443-447
    DOI: 10.1080/1350485042000189541
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    References listed on IDEAS

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    1. R. A. Sharma & M. J. McGregor & J. F. Blyth, 1991. "The Social Discount Rate For Land‐Use Projects In India," Journal of Agricultural Economics, Wiley Blackwell, vol. 42(1), pages 86-92, January.
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    Cited by:

    1. Yew-Kwang Ng, 2016. "The Importance of Global Extinction in Climate Change Policy," Global Policy, London School of Economics and Political Science, vol. 7(3), pages 315-322, September.
    2. Pieter Van Rymenant, 2022. "Bequests and the estate tax. A review of theory and (new) evidence," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 22/1055, Ghent University, Faculty of Economics and Business Administration.
    3. David J. EVANS, 2006. "Social discount rates for the European Union," Departmental Working Papers 2006-20, Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano.
    4. Samih Antoine Azar, 2015. "How much are you Willing to Pay to Play the Saint Petersburg Gamble?," International Journal of Financial Economics, Research Academy of Social Sciences, vol. 4(2), pages 101-108.
    5. Boikos, Spyridon, 2020. "Capital utilization, obsolescence and technological progress," The Journal of Economic Asymmetries, Elsevier, vol. 22(C).
    6. Samih Antoine Azar & Vera Karaguezian-Haddad, 2014. "Simulating the market coefficient of relative risk aversion," Cogent Economics & Finance, Taylor & Francis Journals, vol. 2(1), pages 1-7, December.
    7. Massimo Florio & Emanuela Sirtori, 2013. "The social cost of capital: recent estimates for the EU countries," Working Papers 201303, CSIL Centre for Industrial Studies.
    8. David EVANS & Erhun KULA, 2009. "Social discount rates and welfare weights for public investment decisions under budgetary restrictions – the case of Cyprus," Departmental Working Papers 2009-19, Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano.
    9. Samih Azar, 2011. "Retesting the CCAPM Euler equations," International Journal of Managerial Finance, Emerald Group Publishing Limited, vol. 7(4), pages 324-346, September.
    10. Mareike Schad & Jürgen John, 2012. "Towards a social discount rate for the economic evaluation of health technologies in Germany: an exploratory analysis," The European Journal of Health Economics, Springer;Deutsche Gesellschaft für Gesundheitsökonomie (DGGÖ), vol. 13(2), pages 127-144, April.

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