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Aggregate expected consumer surplus as a welfare index with an application to price stabilization

Rogerson, William P. (1980) Aggregate expected consumer surplus as a welfare index with an application to price stabilization. Econometrica, 48 (2). pp. 423-436. ISSN 0012-9682. doi:10.2307/1911105.

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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.

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Additional Information:© 1980 The Econometric Society. 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. Formerly SSWP 205.
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Subject Keywords:Consumer surplus, Random variables, Consumer prices, Sufficient conditions, Market prices, Consumer preferences, Expected utility, Consumer economics, Marginal utility, Mathematical constants
Issue or Number:2
Record Number:CaltechAUTHORS:20171121-141922033
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Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
ID Code:83406
Deposited By: Jacquelyn Bussone
Deposited On:21 Nov 2017 23:08
Last Modified:15 Nov 2021 19:57

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