Discussion Papers no. 358

A stochastic model for the utility of income

Publisert:

Åpne og les publikasjonen i PDF (40 sider)

In this paper we propose a particular approach to measuring utility of income. To this end we develop a theoretical framework that restricts the class of admissible functional forms and distributions of the random components of the model. The theoretical approach is based on ideas and principles that are used in modern psychophysical research and theories of probabilistic choice. The empirical part of the paper is based on "Stated Preference" data (SPD). In the present context this means that individuals participating in a laboratory type of experiments are asked to rank order a set of hypothetical alternatives presented.

Om publikasjonen

Tittel

A stochastic model for the utility of income

Ansvarlige

John K. Dagsvik, Zhiyang Jia, Steinar Strøm

Serie og -nummer

Discussion Papers no. 358

Utgiver

Statistics Norway

Emne

Discussion Papers

Antall sider

40

Målform

Engelsk

Om Discussion Papers

Discussion papers comprise research papers intended for international journals and books. A preprint of a Discussion Paper may be longer and more elaborate than a standard journal article as it may include intermediate calculations, background material etc.

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