Will Randall and Stoll's Bound Still Hold in a Complete Inverse Demand System?

Hoanjae Park
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Hoanjae Park: North Carolina State University

Korean Economic Review, 1997, vol. 13, issue 2, 5-22

Abstract: T his article provides a theoretically consistent framework for welfare measure-ment under quantity restrictions and free adjustment of prices in equilibrium, The paper extends Randall and Stoll S' and Hanemann 's results into a complete inverse demand system. It is found that Randall and 5" tollS and Hanemann s results should be modified to fit into the complete inverse demand system.

Keywords: Quantity-based Compensating Variation. Quantity-based Equiva lent Variation; Willingness-To-Pay; Willingness-To-Accept. Scale Flexibility (search for similar items in EconPapers)
JEL-codes: D60 D62 (search for similar items in EconPapers)
Date: 1997
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