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This is often the second one of 3 volumes containing edited models of papers and commentaries offered in invited symposium classes of the 8th global Congress of the Econometric Society. The papers summarize and interpret fresh key advancements and speak about destiny instructions in a variety of themes in economics and econometrics. The papers disguise either concept and functions. Written through best experts of their fields those volumes offer a distinct survey of growth within the self-discipline.
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Extra info for Advances in Economics and Econometrics: Theory and Applications, Eighth World Congress, Volume II (Econometric Society Monographs)
To have a measure of aggregate welfare, we use the sum of individual utilities or, equivalently, the expected utility that an agent would obtain if she or 36 See Fern´andez and Rogerson (2001a) for evidence. 1. Steady-state comparisons of local vs. 105 he were to receive a random draw from the equilibrium income distribution. 37 To provide a measure of welfare change at time t that is unaffected by monotone transformations of the utility function, we examine the proportion by which the income distribution in the steady state of the local regime would have to be changed so that it provided the same aggregate welfare as the state system in period t.
Rubinfeld, and P. Shapiro (1982), “Micro-Based Estimates of Demand Functions for Local School Expenditures,” Econometrica, 50, 1183–1205. 68 See Greenwood, Guner, and Knowles (1999) for recent work in this ﬁeld. 38 Fern´andez Burdett, K. and M. Coles (1997), “Marriage and Class,” Quarterly Journal of Economics, CXII, 141–168. Card, D. and A. Krueger (1992), “Does School Quality Matter? ,” Journal of Political Economy, 100, 1–40. Caucutt, E. (forthcoming), “Educational Vouchers when There Are Peer Group Effects,” International Economic Review.
34 The ﬁrst-order condition for utility maximization now equates the ratio of the marginal utility of consumption and the marginal utility of education quality to the ratio of the mean relative to individual income; that is, [u (ci )]/[v (q)] = µ/yi . Note that this condition reﬂects the fact that under a state-ﬁnanced system, unlike in the local system, the relative price of a unit of education (in terms of forgone consumption) is not the same across individuals. Lower-income individuals face a lower price than higher-income individuals.