The estimation of welfare levels of a cardinal utility function

Jeannine Buyze

European Economic Review, 1982, vol. 17, issue 3, 325-332

Abstract: In order to measure an individual's welfare function of income, WFI [Van Praag (1968, 1971)], the individual is confronted with various welfare levels and asked to associate income levels with them. The welfare levels are given as verbal qualifications like ‘good’, ‘sufficient’, ‘bad’, etc. It is assumed that these verbal qualifications correspond to intervals of equal length of the range of the WFI. Here we want to test this assumption. A first principal component model is applied. The intervals of the range of the WFI associated with the verbal qualifications are estimated and a test of their equality is performed.

Date: 1982
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Persistent link: https://EconPapers.repec.org/RePEc:eee:eecrev:v:17:y:1982:i:3:p:325-332

DOI: 10.1016/S0014-2921(82)80067-6

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