Prices and Welfare An Introduction to the Measurement of Well-being
This book provides a general framework for the use of theoretical contributions in empirical works, addressing the question of what is the the effect of a price change on household well-being. This simple question is one of the most relevant and controver
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An Introduction to the Measurement of Well-being when Prices Change
Abdelkrim Araar Paolo Verme
Prices and Welfare
Abdelkrim Araar • Paolo Verme
Prices and Welfare An Introduction to the Measurement of Well-being when Prices Change
Abdelkrim Araar Pavillon J. A. De Sève, Office 2190 Laval University Quebec QC, Canada
Paolo Verme The World Bank Washington DC, USA
ISBN 978-3-030-17422-4 ISBN 978-3-030-17423-1 (eBook) https://doi.org/10.1007/978-3-030-17423-1 © The International Bank for Reconstruction and Development/The World Bank 2019 The findings, interpretations, and conclusions expressed in this work are those of the author(s) and do not necessarily reflect the views of The World Bank, its Board of Executive Directors, or the governments they represent. The World Bank does not guarantee the accuracy of the data included in this work. The boundaries, colors, denominations, and other information shown on any map in this work do not imply any judgment on the part of The World Bank concerning the legal status of any territory or the endorsement or acceptance of such boundaries. This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors, and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. This Palgrave Pivot imprint is published by the registered company Springer Nature Switzerland AG. The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
FOREWORD
One of the most fundamental roles of economics is to provide policy makers with accurate information on the impact of economic policies, either by modeling ex-ante the effects of potential policies or by evaluating ex-post the effects of policies that have been implemented. Among the effects to be considered, those of price changes are among the most relevant for household well-being. Whether price changes appear in the financial market (interest rates), the labor market (wages), the consumer market (commodity prices) or t
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