We investigate how to theoretically and empirically measure pre-committed quantities through price formation utilizing translating in the consumer distance function. The translated consumer distance function is defined as a dual to the translated utility, indirect utility, and expenditure...

Our current methods of analysing policies and the distributions of wealth insure that society is on an efficient frontier. This is not the same as a social optimum. To choose the optimal point on the frontier we need a social welfare function. Following the ordinal revolution in demand theory, a...