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Author: Jerry A. Hausman
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Exact consumer's surplus and deadweight loss are the most widely used welfare and economic efficiency measures. These measures can be computed from demand functions in straightforward ways. Nonparametric estimation can be used to estimate the welfare measures. In doing so, it seems important to account correctly for unobserved heterogeneity, given the high degree of unexplained demand variation often found in applications. This review surveys work on nonparametric welfare analysis, focusing on work that allows for general heterogeneity in demand, such as that of Hausman & Newey (2016).
Author: Jerry A. Hausman
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
Exact consumer's surplus and deadweight loss are the most widely used welfare and economic efficiency measures. These measures can be computed from demand functions in straightforward ways. Nonparametric estimation can be used to estimate the welfare measures. In doing so, it seems important to account correctly for unobserved heterogeneity, given the high degree of unexplained demand variation often found in applications. This review surveys work on nonparametric welfare analysis, focusing on work that allows for general heterogeneity in demand, such as that of Hausman & Newey (2016).
Author: Bart Capéau
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Author: Debopam Bhattacharya
Publisher:
ISBN:
Category :
Languages : en
Pages : 32
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We consider empirical measurement of equivalent/compensating variation resulting from price-change of a discrete good using individual-level data, when there is unobserved heterogeneity in preferences. We show that for binary and unordered multinomial choice, the marginal distributions of EV/CV can be expressed as simple closed-form functionals of conditional choice-probabilities under essentially unrestricted preference-distributions. These results hold even when the distribution/dimension of unobserved heterogeneity are neither known nor identified and utilities are neither quasi-linear nor parametrically specified. The welfare distributions take simple forms which are easy to compute in applications. In particular, average EV for a price-rise equals the change in average Marshallian consumer-surplus and is smaller than average CV for a normal good. These nonparametric point-identification results fail for ordered choice if the unit-price is identical for all alternatives, thereby providing a connection to Hausman-Newey's (2014) partial identification results for the limiting case of continuous choice.
Author: Debopam Bhattacharya
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Author: Donald J. Brown
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Category :
Languages : en
Pages : 15
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Author: Sam Cosaert
Publisher:
ISBN:
Category :
Languages : en
Pages : 38
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Author: Federico Perali
Publisher: Springer Science & Business Media
ISBN: 9781402075186
Category : Business & Economics
Languages : en
Pages : 416
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Book Description
The Behavioral and Welfare Analysis of Consumption covers a wide range of applications using modern parametric and nonparametric econometric techniques related to the behavioural and welfare analysis of consumption. The applications measuring the cost of children, equity and poverty in Colombia are based on the theoretical developments presented in literature during the 1990's. The Behavioral and Welfare Analysis of Consumption places special emphasis on the treatment of demographic characteristics and the interpretation of their effects both in demand and welfare analysis related to the estimation of equivalence scales, social welfare functions and micro-simulations of poverty. The Behavioral and Welfare Analysis of Consumption is a comprehensive and up-to-date reference intended for graduate and advanced undergraduate students interested in the applied fields of consumption economics, welfare economics, development economics and applied econometrics. The contents of the book may be of use also to institutions in the implementation of applied welfare policies of both developed and less developed countries and the analysis of household surveys in general.
Author: Debopam Bhattacharya
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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This paper develops nonparametric methods for welfare-analysis of economic changes in the common setting of multinomial choice. The results cover (a) simultaneous price-change of multiple alternatives, (b) introduction/elimination of an option, (c) changes in choice-characteristics, and (d) choice among non-exclusive alternatives. In these cases, Marshallian consumer surplus becomes path-dependent, but Hicksian welfare remains well-defined. We demonstrate that under completely unrestricted preference-heterogeneity and income-effects, the distributions of Hicksian welfare are point-identified from structural choice-probabilities in scenarios (a), (b), and only set-identified in (c), (d). Weak-separability restores point-identification in (c). In program-evaluation contexts, our results enable the calculation of compensated-effects, i.e. the program's cash-equivalent and resulting deadweight-loss. They also facilitate theoretically justified cost- benefit comparison of interventions targeting different outcomes, e.g. a tuition-subsidy and a health-product subsidy. Welfare-analyses under endogeneity is briefly discussed. An application to data on choice of fishing-mode illustrates the methods.
Author: Padmanabhan Srinagesh
Publisher:
ISBN:
Category : Prices
Languages : en
Pages : 129
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Author: Edward J. Bird
Publisher:
ISBN: 9783593348957
Category : Economic assistance, Domestic
Languages : en
Pages : 207
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