Measuring the Welfare Effects of Price Changes: A Convenient Parametric
Approach.
by
John Creedy.
October 1996
Department of Economics. University of Melbourne. Parkville Victoria
3052 Australia
ABSTRACT
Department of Economics. University of Melbourne. Parkville Victoria
3052 Australia
CONTENTS
1 Introduction
2 The LES and Estimation
Demand Functions and Elasticities
Estimation of the LES for Each Group
Frisch Parameters
New Expenditure Levels
3 Welfare Effects
The Expenditure Function
Compensating and Equivalent Variations
Equivalent Incomes
4 The Use of Budget Data
Numerical Examples
5 Conclusions
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