The joint implications for welfare measurement of three recent literatures are considered: the behavioral welfare … problems. More generally, estimation of sufficient statistics requires theory-based reduced form econometrics. Sufficient … statistics are further suggested for general equilibrium welfare measurement. Under certain assumptions about endogenous …

Economic theory defines and constrains admissible functional form and functional structure throughout the economy … are derived directly from economic theory. Theoretically implied constraints on the properties of equilibrium stochastic …, as well as to aggregation over economic agents and goods in economic theory. In addition, his work in those areas has …