Nonparametric Bounds on Welfare Measures: A New Tool for Nonmarket Valuation
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1998-11-01
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Kling, Catherine
Distinguished Professor Emerita
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Center for Agricultural and Rural Development
Abstract
Given the empirically observed sensitivity of welfare estimates to functional form, it is natural to consider whether nonparametric methods such as those developed by Varian might be of value in nonmarket welfare analysis. This study presents simple methods for constructing nonparametric bounds on compensating or equivalent variation for price changes based on nonparametric methods.