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An axiomatic approach to consumers’ welfare. (English) Zbl 0874.90065

Summary: This paper addresses the issue of consumers’ welfare using an axiomatic approach, and avoiding the assumption of utility maximization. We take here the demand function as a primitive, and construct a measure for the consumers’ welfare from a change of prices. This is done by imposing a set of axioms on this measure which uniquely determines it.

MSC:

91B42 Consumer behavior, demand theory
91B14 Social choice
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References:

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