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Welfare equivalent NNP and habit formation
Umeå University, Faculty of Social Sciences, Department of Economics.
Umeå University, Faculty of Social Sciences, Department of Economics.
2008 (English)In: Economics Letters, ISSN 0165-1765, E-ISSN 1873-7374, Vol. 98, no 1, 84-88s p.Article in journal (Refereed) Published
Abstract [en]

This note concerns the importance of habit formation for social accounting. With internal habit formation, earlier procedures for welfare measurement in the first best apply with minor modifications. This result strengthens the idea behind using the comprehensive net national product as a welfare indicator. If, on the other hand, part of the habit formation is exogenous to each consumer, the exact welfare measure will also reflect the associated external effect.

Place, publisher, year, edition, pages
2008. Vol. 98, no 1, 84-88s p.
Keyword [en]
Welfare, Habit formation, Social accounting
National Category
Economics
Research subject
Economics
Identifiers
URN: urn:nbn:se:umu:diva-7288DOI: 10.1016/j.econlet.2007.04.010OAI: oai:DiVA.org:umu-7288DiVA: diva2:146959
Available from: 2008-01-07 Created: 2008-01-07 Last updated: 2017-12-14Bibliographically approved

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