Welfare Measurement and Representative Consumer Theory

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Date

March 31, 1997

Authors

V. Kerry Smith and Roger von Haefen

Publication

Working Paper

Reading time

1 minute

This paper generalizes results from Anderson, De Palma, and Thisse [1992] linking individual random utility and aggregate representative individual demand models, to consider a comparable relation for the willingness to pay functions for quality attributes of marketed goods. It also suggests how the logic can be used to describe links between choice occasion and aggregate models (across occasions) for an individual.

Topics

Authors

V. Kerry Smith

University Fellow

Kerry Smith is a university fellow at RFF where he researches environmental policy issues.

Roger von Haefen

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