Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/80888 
Erscheinungsjahr: 
2012
Schriftenreihe/Nr.: 
WIDER Working Paper No. 2012/109
Verlag: 
The United Nations University World Institute for Development Economics Research (UNU-WIDER), Helsinki
Zusammenfassung: 
This paper examines the measurement of social welfare, poverty and inequality taking into account features that have been found to be important welfare determinants in behavioural economics. Most notably, we incorporate reference-dependence, loss aversion and diminishing sensitivity - aspects emphasized in prospect theory - to social welfare measurement. We suggest a new notion of equivalent income, the income level with which the individual would be as well off, evaluated using a standard concave utility function, as he or she actually is, evaluated with a reference-dependent utility function. We examine the differences between standard poverty and inequality measures based on observed income and measures that are calculated based on equivalent income. These differences are illustrated using household-level panel data from Russia and Vietnam.
Schlagwörter: 
prospect theory
poverty
inequality
welfare measurement
vulnerability
JEL: 
I32
O12
ISBN: 
978-92-9230-575-8
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
274.73 kB





Publikationen in EconStor sind urheberrechtlich geschützt.