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Measuring Welfare in Dynamic Models with Externalities: Towards Money Metrics Measures
Department of Economics, Uppsala University.
Umeå University, Faculty of Social Sciences, Department of Economics.
2006 (English)Report (Other academic)
Abstract [en]

This paper is concerned with welfare measurement in multisector dynamic general equilibrium models with externalities. We start with the utility metric theory under di¤erent settings, and then transfer them into money metric measures. With ideal accounting prices for all externalities, we show that a money measure of dynamic welfare should encompass both the comprehenstive NNP and consumer surpluses. Under externalities, a forward-looking term re.ecting the present value of the future externalities has to be taken into account. For a local-in-time welfare comparison, we show that growth in conventionally measured NNP would work, provided that an externality-adjusted genuine rate of return is positive.

Place, publisher, year, edition, pages
2006. , 18 p.
Keyword [en]
Growth, welfare, externalities, and money metrics [JEL: D61; D91; Q01]
National Category
Economics
Research subject
Economics
Identifiers
URN: urn:nbn:se:umu:diva-26827OAI: oai:DiVA.org:umu-26827DiVA: diva2:274255
Available from: 2009-10-27 Created: 2009-10-27 Last updated: 2014-01-17Bibliographically approved

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http://are.berkeley.edu/courses/envres_seminar/s2007/Metrics06111.pdf

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CiteExportLink to record
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