For some goods, the main cost of buying the product is not the price but rather the time it takes touse them. Only about 0.2% of consumer spending in the U.S., for example, went for Internet accessin 2004 yet time use data indicates that people spend around 10% of their entire leisure time...

We study consumer surplus in a single market when (a) there is a lower bound in the consumption of the outside good and (b) the weights in the social welfare function given to consumers and firms are different. We assume quasilinear utility. When the lower bound constraint on the consumption of...

Measures of welfare changes - either the equivalent or compensating variation of a price increase for a good - are often calculated using the expenditure function from an estimated demand. If the regression errors are due to unobserved preference heterogeneity, then then the estimated demand is...