On the Aggregation of Money Measures of Well-Being in Applied Welfare Economics

On the Aggregation of Money Measures of Well-Being in Applied Welfare Economics

This article investigates the properties, good and bad, of social evaluations based on four money measures of well-being or changes in well-being: compensating variations, money metrics, extended money metrics, and welfare ratios. Consistency of social rankings (transitivity, asymmetry of preference...

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Bibliographic Details
Main Author: David Donaldson
Format: Article
Language:English
Published: Western Agricultural Economics Association 1992-07-01
Series:Journal of Agricultural and Resource Economics
Subjects:
consumer surplus
money metrics
willingness to pay
Online Access:https://ageconsearch.umn.edu/record/30731
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spelling doaj-6cd7bceb1af74ae59bb5a5b1f5665b072020-11-25T03:04:09ZengWestern Agricultural Economics AssociationJournal of Agricultural and Resource Economics1068-55022327-82851992-07-011718810210.22004/ag.econ.3073130731On the Aggregation of Money Measures of Well-Being in Applied Welfare EconomicsDavid DonaldsonThis article investigates the properties, good and bad, of social evaluations based on four money measures of well-being or changes in well-being: compensating variations, money metrics, extended money metrics, and welfare ratios. Consistency of social rankings (transitivity, asymmetry of preference), the possibility of incorporating inequality aversions, independence of the choice of reference prices, and the ethics implicit in the evaluations are considered. In addition, these procedures are contrasted with utility aggregation using equivalence scales.https://ageconsearch.umn.edu/record/30731consumer surplusmoney metricswillingness to pay
collection DOAJ
language English
format Article
sources DOAJ
author David Donaldson
spellingShingle David Donaldson
On the Aggregation of Money Measures of Well-Being in Applied Welfare Economics
Journal of Agricultural and Resource Economics
consumer surplus
money metrics
willingness to pay
author_facet David Donaldson
author_sort David Donaldson
title On the Aggregation of Money Measures of Well-Being in Applied Welfare Economics
title_short On the Aggregation of Money Measures of Well-Being in Applied Welfare Economics
title_full On the Aggregation of Money Measures of Well-Being in Applied Welfare Economics
title_fullStr On the Aggregation of Money Measures of Well-Being in Applied Welfare Economics
title_full_unstemmed On the Aggregation of Money Measures of Well-Being in Applied Welfare Economics
title_sort on the aggregation of money measures of well-being in applied welfare economics
publisher Western Agricultural Economics Association
series Journal of Agricultural and Resource Economics
issn 1068-5502
2327-8285
publishDate 1992-07-01
description This article investigates the properties, good and bad, of social evaluations based on four money measures of well-being or changes in well-being: compensating variations, money metrics, extended money metrics, and welfare ratios. Consistency of social rankings (transitivity, asymmetry of preference), the possibility of incorporating inequality aversions, independence of the choice of reference prices, and the ethics implicit in the evaluations are considered. In addition, these procedures are contrasted with utility aggregation using equivalence scales.
topic consumer surplus
money metrics
willingness to pay
url https://ageconsearch.umn.edu/record/30731
work_keys_str_mv AT daviddonaldson ontheaggregationofmoneymeasuresofwellbeinginappliedwelfareeconomics
_version_ 1724682697109929984

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