Published October 24, 2017
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Aggregate Expected Consumer Surplus as a Welfare Index with an Application to Price Stabilization
- Creators
- Rogerson, William P.
Abstract
This paper presents necessary and sufficient conditions for the expected value of consumer surplus to correctly represent a consumer's preferences. A theorem characterizing utility functions which represent preferences over conditional probabilities is used to derive this. An application to price stabilization policy is presented.
Additional Information
Revised. This paper was written when I was supported by National Science Foundation Grant Number S.O.C. 77-08573 to Robert H. Bates. I would like to acknowledge the extremely helpful assistance rendered me in writing this paper by Robert H. Bates, Robert Forsythe, Roger Noll, James Quirk, Louis Wilde, and two anonymous referees. Published as Rogerson, William P. "Aggregate expected consumer surplus as a welfare index with an application to price stabilization." Econometrica: Journal of the Econometric Society (1980): 423-436.Attached Files
Submitted - sswp205_-_revised.pdf
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sswp205_-_revised.pdf
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Additional details
- Eprint ID
- 82561
- Resolver ID
- CaltechAUTHORS:20171020-164339305
- SOC77-08573
- NSF
- Created
-
2017-10-24Created from EPrint's datestamp field
- Updated
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2019-10-03Created from EPrint's last_modified field
- Caltech groups
- Social Science Working Papers
- Series Name
- Social Science Working Paper
- Series Volume or Issue Number
- 205