The individual welfare function: A review |
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| Authors: | Arie Kapteyn Tom Wansbeek |
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| Institution: | Tilburg University, Tilburg, The Netherlands;University of Groningen, The Netherlands |
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| Abstract: | The Individual Welfare Function (IWF), introduced by Van Praag (1968), is a cardinal utility function. It can be measured by means of survey questions. Since its introduction, the IWF has been used extensively in both theoretical and empirical research. This research is reviewed, with an emphasis on policy applications. |
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