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Can Weak Substitution be Rehabilitated? / V. Kerry Smith, Mary F. Evans, H. Spencer Banzhaf, Christine Poulos.
- Format:
- Book
- Author/Creator:
- Smith, V. Kerry.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w13903.
- NBER working paper series no. w13903
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2008.
- Summary:
- This paper develops a graphical analysis and an analytical model that demonstrate how weak substitution can be used for non-market valuation. Both weak complementarity and weak substitution can be evaluated as restrictions that allow quantity or quality changes in non-market goods to be described as price changes that yield equivalent changes in individual well being. They are Hicksian equivalents in that the price changes yield the same utility changes as would the quantity or quality changes. After discussion of several potential applications of weak substitution, the paper develops the parallel between the restriction and recent strategies from modeling differentiated goods.
- Notes:
- Print version record
- March 2008.
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