Wealth Effects and the Valuation of Common Access Facilities: Some Calculations

Jonathan C. Baldry

The Economic Record, 1988, vol. 64, issue 2, 128-132

Abstract: Using a CES utility function modified to allow for zero usage of one commodity, this paper calculates the relative difference between compensating and equivalent variation measures of the welfare loss due to withdrawal of a commodity, for various plausible values of the relevant demand function parameters (income elasticity, expenditure share and substitution elasticity). Contrary to what is frequently asserted these differences can be quite significant

Date: 1988
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https://doi.org/10.1111/j.1475-4932.1988.tb02048.x

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