Li, Chuan-Zhong; Löfgren, Karl-Gustaf - Institutionen för Nationalekonomi, Umeå Universitet - 2002
This paper is concerned with the choice of metrics for social cost-benefit analysis and dynamic welfare comparisons. In a utility-theoretic framework, we show that there is always a money measure that can serve as a substitute for the maximized utility wealth. Thus, under the non-arbitrage...