Describing individual behavior, we will be concerned with an axiom system, which can be interpreted by Shephard's distance function. Based on this function, one can discover the individual's preference relation, from which the individual's demand function can be derived. We will realize that the...

In dynamic stochastic welfare comparisons, a failure clearly to distinguish between risk aversion and intertemporal substitutability can result in misleading assessments of the impact of risk aversion on the welfare costs of consumption-risk changes. The problem arises in any setting in which...

“Consumer welfare” (“CW”) is the stated goal of antitrust law. Among the cognoscenti, the CW standard is a proxy for the transformation of antitrust law over the past four decades and Robert Bork's deep imprint on antitrust law. In recent years, calls to abandon the CW standard and...

The Behavioral and Welfare Analysis of Consumption covers a wide range of applications using modern parametric and nonparametric econometric techniques related to the behavioural and welfare analysis of consumption. The applications measuring the cost of children, equity and poverty in Colombia...