منابع مشابه
Choice and individual welfare
We propose an abstract method of systematically assigning a “rational” preference to non-rationalizable choice data. We define an individual welfare functional as a mapping from stochastic choice functions into weak orders. A stochastic choice function (or choice distribution) gives the empirical frequency of choices for any possible opportunity set (framing factors may also be incorporated int...
متن کاملSocial Choice and Welfare
ed/Indexed in: ABS Academic Journal Quality Guide, CSA Political Science & Government, CSA Sociological Abstracts, Current
متن کاملChoice, Rationality and Welfare Measurement
We present a method for evaluating the welfare of a decision maker, based on observed choice data. Unlike the standard economic theory of revealed preference, our method is can be used whether or not the observed choices are rational. Paralleling the standard theory we present a model for choice such that the observations arise "as if" they were the result of a speci c decision making process. ...
متن کاملWelfare Economics and Public Choice
Welfare economics provides the basis for judging the achievements of markets and policy makers in allocating resources. Its most powerful conceptual tool is the utility possibility frontier. This defines the set of utility allocations that can be achieved in a society subject to the constraints of tastes and technologies. Any allocation on the frontier cannot be Pareto dominated and hence would...
متن کاملIndividual Heterogeneity and Average Welfare∗
Individual heterogeneity is an important source of variation in demand. Allowing for general heterogeneity is needed for correct welfare comparisons. We consider general heterogenous demand where preferences and linear budget sets are statistically independent. We find that the dimension of heterogeneity and the individual demand functions are not identified. We also find that the exact consume...
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ژورنال
عنوان ژورنال: Journal of Economic Theory
سال: 2012
ISSN: 0022-0531
DOI: 10.1016/j.jet.2012.01.013