EXACT AND SUPERLATIVE WELFARE CHANGE INDICATORS

Walter E. Diewert

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Economics of Agriculture and Food Markets Income, Poverty, and Inequality Economic and Environmental Valuation

Abstract

An exact welfare change indicator is defined to be a known function of the price and quantity data for two periods (for a utility maximizing consumer) which is exactly equal to the Hicksian equivalent variation. A welfare change indicator is termed superlative if it is exactly equal to the equivalent variation for an expenditure function which has a second‐order approximation property. The paper exhibits a number of superlative welfare change indicators, and also reviews the earlier attempts of Hicks and Weitzman to obtain equivalent variation measures that had a second‐order approximation property.

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References

1948Foundations of Economic Analysis 1976Exact and superlative index numbers 1987The New Palgrave: A Dictionary of Economics 1938The General Welfare in Relation to Problems of Taxation and of Railway and Utility Rates 1987Flexible Functional Forms and Global Curvature Conditions 1990The General Welfare in Relation to Problems of Taxation and of Railway and Utility Rates 1971Three Basic Postulates for Applied Welfare Economics: An Interpretive Essay 1978Superlative Index Numbers and Consistency in Aggregation

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1997Pricing What is Priceless: A Status Report on Non-Market Valuation of Environmental Resources 1999Obtaining Welfare Bounds in Discrete-Response Valuation Studies: A Non-Parametric Approach

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