The budget-constrained random utility model (RUM) gives utility-consistent measures of welfare, but requires the length of the planning period be specified. An alternative is to treat the RUM probabilities as behavioral and calculate consumer surplus. This paper shows that such calculations lead to the same welfare measures as RUM calculations. The paper provides support and an alternative justification for the standard welfare measured.
Journal of Environmental Economics and Management – Elsevier
Published: Nov 1, 1995
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