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A Contribution to the Theory of Welfare Comparisons / Martin L. Weitzman.
- Format:
- Book
- Author/Creator:
- Weitzman, Martin L.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w6988.
- NBER working paper series no. w6988
- Language:
- English
- Subjects (All):
- Consumption (Economics)--Econometric models.
- Consumption (Economics).
- Equilibrium (Economics)--Econometric models.
- Equilibrium (Economics).
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 1999.
- Cambridge, Mass. : National Bureau of Economic Research, 1999.
- Summary:
- Using only information based on current directly-observable market behavior, the paper shows how to make rigorous dynamic welfare comparisons among economies or economic situations having arbitrarily-different endowments and technologies, but sharing a common dynamic preference ordering. The correct answers to seemingly complicated questions, which intrinsically involve comparing wealth-like measures of dynamic well-being, can be translated isomorphically into a simple-minded story told in the familiar language of old-fashioned static consumer-welfare theory.
- Notes:
- Print version record
- February 1999.
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