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Compensating variation and Hicksian choice probabilities in random utility models that are nonlinear in income

Dagsvik, John K.; Karlström, Anders
Journal article, Peer reviewed
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compensated_variation_hicksian.pdf (185.3Kb)
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http://hdl.handle.net/11250/178104
Utgivelsesdato
2005
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  • Artikler / Journal articles [372]
Originalversjon
Review of Economic Studies, (2005) 72(1): 57-76 doi:10.1111/0034-6527.00324  
Sammendrag
In this paper we discuss Hicksian demand and compensating variation in the context of discrete

choice. We first derive Hicksian choice probabilities and the distribution of the (random) expenditure

function in the general case when the utilities are nonlinear in income. We subsequently derive exact and

simple formulae for the expenditure and choice probabilities under price (policy) changes conditional

on the initial utility level. This is of particular interest for welfare measurement because it enables the

researcher to compute the distribution of compensating variation in a simple way.We also derive formulae

for the joint distribution of expenditure, the choice before and after a policy change has been introduced.
Beskrivelse
This is a pre-copy-editing, author-produced PDF of an article accepted for publication in Review of Economic Studies, following peer review. The definitive publisher-authenticated version [Review of Economic Studies, (2005) 72(1): 57-76 ] is available online at: http://restud.oxfordjournals.org/content/72/1/57.full.pdf+html
Utgiver
Oxford University Press (former published by Wiley-Blackwell)
Tidsskrift
Review of Economic Studies

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