The numeraire matters in cost-benefit analysis

• 成果类型: Article
• 署名作者: Brekke, KA
• 刊物名称: JOURNAL OF PUBLIC ECONOMICS
• ISSN/ISSBN: 0047-2727
• DOI: 10.1016/S0047-2727(96)01610-6
• 发表日期: 1997
• 页码: 117-123
• 关键词: numeraire; Cost-benefit analysis; welfare weights

摘要

The choice of numeraire is shown to be important in cost-benefit analysis. When a public good is involved, individual consumers' marginal rates of substitution will generally differ. Thus, the less valuable the numeraire is to a person, the higher the number required to express his net benefit, and the more will his interest weigh in the total sum. The choice of money as numeraire is systematically favourable to those who value money the least, relative to alternative numeraires. (C)1997 Elsevier Science S.A.