Preference Elicitation Methods and Equivalent Income: An Overview

Shaun da Costa, Marc Fleurbaey (), Koen Decancq and Erik Schokkaert
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Shaun da Costa: PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement - ENPC - École nationale des ponts et chaussées - IP Paris - Institut Polytechnique de Paris
Marc Fleurbaey: PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement - ENPC - École nationale des ponts et chaussées - IP Paris - Institut Polytechnique de Paris, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement - ENPC - École nationale des ponts et chaussées - IP Paris - Institut Polytechnique de Paris
Koen Decancq: Universiteit Antwerpen = University of Antwerp, LSE - London School of Economics and Political Science, KULeuven - KU Leuven - Technologie campus Gent - KU Leuven
Erik Schokkaert: KULeuven - KU Leuven - Technologie campus Gent - KU Leuven

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Abstract: The equivalent income is a preference-based, interpersonally comparable measure of well-being. Although its theoretical foundations are well established, empirical applications remain limited, primarily due to the detailed data requirements on individuals' preferences across various well-being dimensions. This paper reviews the literature on preference elicitation methods with a focus on estimating equivalent income. We examine several survey-based methods, including contingent valuation, multiattribute choice or rating experiments, and life satisfaction regressions. The review highlights the advantages and limitations of each method, emphasizing the considerable scope for methodological improvements and innovations.

Date: 2026-04
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Published in Reviews of Economic Literature, 2026, 1, ⟨10.21627/21fywt66⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:pseptp:halshs-05666898

DOI: 10.21627/21fywt66

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