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Consumer's Surplus and Welfare Change in a Simple Dynamic Model

Charles Blackorby; David Donaldson1; David Moloney2

1 University of British Columbia · 2 Bank of Canada

Review of Economic Studies 1984

This paper shows that the discounted sum of instantaneous equivalent or compensating variations (generalized to allow for expenditure changes) is never an exact welfare indicator for a consumer whose preferences are represented by a continuous, increasing inter-temporal utility function.

DOI
10.2307/2297712
Volume
51 (1)
Pages
171
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