Modern mainstream economics, intermediate and advanced micro textbooks teach us after classical Marshall, Hicks, Samuelson etc. contributions that Marshallian surplus - area to the left from the textbook demand function - represents exact change in consumers' money metric utility only in special...

Modern mainstream economics teach us that Marshallian consumer surplus concept can be correctly applied only in the special case of quasilinear preferences (when price of numeraire is normalized to unity), which is never observed in reality. Our paper shows the opposite: we can every time...