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Aggregate Expected Consumer Surplus as a Welfare Index with an Application to Price Stabilization

Rogerson, William P. (1979) Aggregate Expected Consumer Surplus as a Welfare Index with an Application to Price Stabilization. Social Science Working Paper, 205. California Institute of Technology , Pasadena, CA. (Unpublished) http://resolver.caltech.edu/CaltechAUTHORS:20171020-164339305

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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.


Item Type:Report or Paper (Working Paper)
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http://resolver.caltech.edu/CaltechAUTHORS:20171121-141922033Related ItemPublished Article
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.
Group:Social Science Working Papers
Funders:
Funding AgencyGrant Number
NSFSOC77-08573
Subject Keywords:Consumer surplus, Random variables, Consumer prices, Sufficient conditions, Market prices, Consumer preferences, Expected utility, Consumer economics, Marginal utility, Mathematical constants
Record Number:CaltechAUTHORS:20171020-164339305
Persistent URL:http://resolver.caltech.edu/CaltechAUTHORS:20171020-164339305
Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
ID Code:82561
Collection:CaltechAUTHORS
Deposited By: Jacquelyn Bussone
Deposited On:24 Oct 2017 22:04
Last Modified:21 Nov 2017 22:25

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