Evaluation of Welfare Change in Quantity‐Constrained Regimes

Richard Cornes and Robert Albon

The Economic Record, 1981, vol. 57, issue 2, 186-190

Abstract: There are many circumstances where individuals are subject to constraints other than income and prices. Evaluation of welfare change from a price‐taking position to a quantity‐constrained position presents special problems. While remaining firmly in the partial‐equilibrium tradition, indifference curves in the price‐quantity space are applied to the identification of an equivalent variation. a modified Marshallian measure and a compensating variation in quantity‐constrained situations. These measures satisfy the condition of CV

Date: 1981
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