CONSUMER'S SURPLUS: SIMPLE SOLUTIONS TO AN OLD PROBLEM |
| |
Authors: | Udo Ebert |
| |
Institution: | University of Oldenburg, Germany |
| |
Abstract: | The paper presents a concise account of recent results on the axiomatization of various welfare measures. Following the introduction and discussion of some elementary properties that a welfare measure should satisfy, valid measures are derived. In particular, the Hicksian equivalent and compensating variation and a measure based on the money metric are characterized. |
| |
Keywords: | |
|
|