Measuring preferences by subjective well-being

Article Abstract:

An approach based on survey data on subjective well-being, satisfaction with life, or happiness, offers a useful way of capturing individual preferences with regard to macroeconomic and microeconomic variables. It is also argued that well-being functions are valuable for showing the utility obtained from constitutional conditions. Economic estimates indicate that enhanced citizens' participation possibilities in the democratic process generally increase reported subjective well-being. It has been shown that well-being functions permit the impact of various institutional settings on life satisfaction to be captured.

Beliefs, opinions and attitudes, Consumer preferences, Consumers, Attitudes

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Measuring consumer surplus with unknown Hicksian demands

Article Abstract:

A model is derived to analyze welfare change when the estimated demand and supply functions do not yield an easily recoverable cost or utility function. It is shown that Hicksian functions can be obtained from estimated functions. The use of the Slutsky demand in determining the compensating and equivalent variations also results in smaller errors for large price changes. This shows that the Slutsky demand is an accurate approximation of Hicksian demand.

Welfare economics

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Confuser Surplus

Article Abstract:

A variety of economists produce no agreement about consumer surplus. Assumption of an ordinal or cardinal preference ordering determines whether dollar measures of utility changes exist. The decision maker requires cardinally scaled measures or surplus.

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