A Contribution to the Theory of Welfare Comparisons

23 Pages Posted: 13 Apr 1999 Last revised: 7 Aug 2022

See all articles by Martin Weitzman

Martin Weitzman

Harvard University - Department of Economics

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Date Written: February 1999

Abstract

Using only information based on current directly-observable market behavior, the paper shows how to make rigorous dynamic welfare comparisons among economies or economic situations having arbitrarily-different endowments and technologies, but sharing a common dynamic preference ordering. The correct answers to seemingly complicated questions, which intrinsically involve comparing wealth-like measures of dynamic well-being, can be translated isomorphically into a simple-minded story told in the familiar language of old-fashioned static consumer-welfare theory.

Suggested Citation

Weitzman, Martin L., A Contribution to the Theory of Welfare Comparisons (February 1999). NBER Working Paper No. w6988, Available at SSRN: https://ssrn.com/abstract=151993

Martin L. Weitzman (Contact Author)

Harvard University - Department of Economics ( email )

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