Can Weak Substitution be Rehabilitated?

V. Smith, Mary Evans, Spencer Banzhaf and Christine Poulos

No 13903, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: This paper develops a graphical analysis and an analytical model that demonstrate how weak substitution can be used for non-market valuation. Both weak complementarity and weak substitution can be evaluated as restrictions that allow quantity or quality changes in non-market goods to be described as price changes that yield equivalent changes in individual well being. They are Hicksian equivalents in that the price changes yield the same utility changes as would the quantity or quality changes. After discussion of several potential applications of weak substitution, the paper develops the parallel between the restriction and recent strategies from modeling differentiated goods.

JEL-codes: Q51 (search for similar items in EconPapers)
Date: 2008-03
Note: EEE
References: View references in EconPapers View complete reference list from CitEc
Citations:

Published as V. Smith & Mary Evans & H. Banzhaf & Christine Poulos, 2010. "Can Weak Substitution be Rehabilitated?," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 45(2), pages 203-221, February.

Downloads: (external link)
http://www.nber.org/papers/w13903.pdf (application/pdf)

Related works:
Journal Article: Can Weak Substitution be Rehabilitated? (2010)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:nbr:nberwo:13903

Ordering information: This working paper can be ordered from
http://www.nber.org/papers/w13903

Access Statistics for this paper

More papers in NBER Working Papers from National Bureau of Economic Research, Inc National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.. Contact information at EDIRC.
Bibliographic data for series maintained by ().