倫敦經(jīng)濟(jì)學(xué)院高微講義-消費(fèi)者理論(3)(編輯修改稿)
2024-11-15 10:47 本頁面
【文章內(nèi)容簡介】 easuredin terms of good 2 ? Again suppose p is the original price vector and p39。 is the price vector after good 1 bees cheaper. ? This again causes utility to rise from u to u39。. ? 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。s story number 2 u39。 = V(p, M + EV) u39。 = V(p39。, M) the utility level at new prices p39。 and ine M the new utility level reached at original prices p In this version of the story we get the Equivalent Variation { EV In this version the new utility level is the reference point x 2 x 1 x** x* u39。 new prices original prices The equivalent variation measured in terms of good 2 ? As we have seen there is a close relationship between the functions V and C. ? And so we can reinterpret CV and EV using C. ? The result will be a welfare measure that is the change in cost of hitting a welfare level. remember: cost decreases mean welfare increases. CV and EV... Compensating Variation as D(cost) CV(p ? p39。) = C(p, u) C(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。) = C(p, u39。) C(p39。, u39。) () change in cost of hitting utility level u39。. If positive we have a welfare increase. Of course we could also look at the welfare changes in the reverse direction, using the same method. This would give us CV(p39。?p) and EV(p39。 ?p) Welfare change as D(cost) The concepts we have developed are regularly put to work in practice. Usually this is done using some (acceptable?) approximations... Welfare measures applied... what39。s the change in cost of hitting the base welfare level u? I = CV C(p39。, u ) C(p, u ) OR... what39。s the change in cost of hitting the current welfare level u39。? I = EV C(p39。, u39。 ) C(p, u39。 ) S p x n i=1 i i C(p39。, u ) = S p39。 x n i=1 i i ? The Laspeyres index
教學(xué)課件相關(guān)推薦
鄂ICP備17016276號-1