Consumer’s Welfare and Price Uncertainty

  • Udo Ebert
Conference paper


The measurement of welfare under price uncertainty is an issue economists discovered already some decades ago. Waugh (1944) investigated the benefits of price stabilization. He considered the consumer’s case. Oi (1961) explored the implications of price variability to expected profits. Massell (1969) integrated the consumer and producer sides of the picture. Recently Newbery and Stiglitz (1981,1982) extended that kind of analysis.


Risk Aversion Price System Welfare Measure Welfare Gain Relative Risk Aversion 
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Copyright information

© Springer-Verlag Berlin · Heidelberg 1994

Authors and Affiliations

  • Udo Ebert
    • 1
  1. 1.Dept. of EconomicsUniversity of OldenburgOldenburgGermany

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