Preference elicitation methods and equivalent income: an overview

Shaun Da Costa, Koen Decancq, Marc Fleurbaey and Erik Schokkaert

No 2409, Working Papers from Herman Deleeck Centre for Social Policy, University of Antwerp

Abstract: The equivalent income is a preference-based, interpersonally comparable measure of well-being. Although its theoretical foundations are well-established, empirical applications remain limited, primarily due to the detailed data requirements on individuals’ preferences across various well-being dimensions. This paper reviews the literature on preference elicitation methods with a focus on estimating equivalent income. We examine several survey-based methods, including contingent valuation, multi-attribute choice or rating experiments, and life satisfaction regressions. The review highlights the advantages and limitations of each method, emphasizing the considerable scope for methodological improvements and innovations.

Date: 2024-12
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