倫敦經(jīng)濟(jì)學(xué)院高微講義-消費(fèi)者理論(3)-wenkub
2022-11-03 10:47:26 本頁面
【正文】 How do we measure an individual39。 reactions to prices. ? We pick up the effect of prices on ines on attainable utility consumer39。s welfare. ? This is useful in the design of economic policy, for example. ? We can use a number of tools that have bee standard in applied microeconomics tax structures? price indices? Why are we concerned with welfare? The Consumer Opportunities and Preferences Optimisation and Comp. Statics Aggregation Welfare CV and EV Consumer39。s 39。s surplus Utility and Ine Consumer 39。 / u depends on the cardinal isation of the U function d(u39。. ? But what hypothetical change in ine would bring the person back to the starting point? ? (and is this the right question to ask...?) u = V(p, M) u39。s story number 1 u = V(p39。. ? But now, if the price fall had not happened, what hypothetical change in ine would have brought the person to the new utility level? Here39。, M) the utility level at new prices p39。, u) () change in cost of hitting utility level u. If positive we have a welfare increase. Equivalent Variation as D(cost) EV(p?p39。) () change in cost of hitting utility level u39。s the change in cost of hitting the base welfare level u? I = CV C(p39。, u39。 x n i=1 i i ? The Laspeyres index C(p, u39。 n i=1 i i ? The Paasche index The two approaches yield two costofliving (price) indices How they relate to pragmatic indices The Consumer Opportunities and Preferences Optimisation and Comp. Statics Aggregation Welfare CV and EV Consumer39。s using ’s lemma again () change in cost of hitting utility level u. If positive we have a welfare increase. Another (equivalent) form for CV... CV(p?p39。s surplus ... Yup. Here it is x1** x1 p1 x1* CS ? EV Warning!! Conditions for normal goods CV?CS ? Have you got it? ? For normal goods: ? CV ? CS ? EV ? (for inferior goods: CVCSEV) The three methods: relationships ? CV and EV are measured in moary units ? In all ca
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