Cardinal vs. Characteristic Indices of Preference for Applied Welfare Economics

Dale Stahl

Public Finance Review, 1984, vol. 12, issue 4, 473-486

Abstract: The concept of cardinality is defined for a binary index of preference. The qualifications on the cardinality of the compensating and equivalent variations are examined in detail. It is argued that a characteristic index, such as the sign of the monotonic variation of consumer surplus, is adequate for most practical applications.

Date: 1984
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Persistent link: https://EconPapers.repec.org/RePEc:sae:pubfin:v:12:y:1984:i:4:p:473-486

DOI: 10.1177/109114218401200405

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