Beyond GDP: Is there a law of one shadow price?
This paper builds a welfare measure encompassing household disposable income, unemployment and longevity, while using two different sets of "shadow prices" for non-income variables. The valuations of vital and unemployment risks estimated from life satisfaction data ("subjective shado...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2015
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| Schriftenreihe: | OECD Statistics Working Papers
no.2015/05 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | This paper builds a welfare measure encompassing household disposable income, unemployment and longevity, while using two different sets of "shadow prices" for non-income variables. The valuations of vital and unemployment risks estimated from life satisfaction data ("subjective shadow prices") and those derived from model-based approaches and calibrated utility functions ("model-based shadow prices") are shown to be broadly consistent once a number of conditions are fulfilled. Subjective shadow prices appear to be inflated by the downward bias on the income variable in life satisfaction regressions conducted at the individual level, while the latter bias is largely removed when running regressions at the country level. On the other hand, model-based shadow prices are typically underestimated as: i) the valuation of the unemployment risk is assumed to take place under the veil of ignorance (i.e. for a representative agent that has no information on her current or future unemployment situation); ii) the standard model relies on a Constant Relative Risk Aversion (CRRA) utility function, which has no specific relative risk aversion parameter for unemployment and vital risks; iii) the Value of Statistical Life that is used in standard calibration pertains to the adult lifespan while life expectancy at birth covers the entire lifetime. |
| Beschreibung: | 1 Online-Ressource (39 p.) 21 x 29.7cm. |
| DOI: | 10.1787/5jrqppxzss47-en |
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| spelling | Murtin, Fabrice VerfasserIn aut Beyond GDP Is there a law of one shadow price? Fabrice, Murtin ... [et al] Paris OECD Publishing 2015 1 Online-Ressource (39 p.) 21 x 29.7cm. Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier OECD Statistics Working Papers no.2015/05 This paper builds a welfare measure encompassing household disposable income, unemployment and longevity, while using two different sets of "shadow prices" for non-income variables. The valuations of vital and unemployment risks estimated from life satisfaction data ("subjective shadow prices") and those derived from model-based approaches and calibrated utility functions ("model-based shadow prices") are shown to be broadly consistent once a number of conditions are fulfilled. Subjective shadow prices appear to be inflated by the downward bias on the income variable in life satisfaction regressions conducted at the individual level, while the latter bias is largely removed when running regressions at the country level. On the other hand, model-based shadow prices are typically underestimated as: i) the valuation of the unemployment risk is assumed to take place under the veil of ignorance (i.e. for a representative agent that has no information on her current or future unemployment situation); ii) the standard model relies on a Constant Relative Risk Aversion (CRRA) utility function, which has no specific relative risk aversion parameter for unemployment and vital risks; iii) the Value of Statistical Life that is used in standard calibration pertains to the adult lifespan while life expectancy at birth covers the entire lifetime. Economics Boarini, Romina MitwirkendeR ctb Cordoba, Juan MitwirkendeR ctb Ripoll, Marla MitwirkendeR ctb FWS01 ZDB-13-SOC FWS_PDA_SOC https://doi.org/10.1787/5jrqppxzss47-en Volltext |
| spellingShingle | Murtin, Fabrice Beyond GDP Is there a law of one shadow price? Economics |
| title | Beyond GDP Is there a law of one shadow price? |
| title_auth | Beyond GDP Is there a law of one shadow price? |
| title_exact_search | Beyond GDP Is there a law of one shadow price? |
| title_full | Beyond GDP Is there a law of one shadow price? Fabrice, Murtin ... [et al] |
| title_fullStr | Beyond GDP Is there a law of one shadow price? Fabrice, Murtin ... [et al] |
| title_full_unstemmed | Beyond GDP Is there a law of one shadow price? Fabrice, Murtin ... [et al] |
| title_short | Beyond GDP |
| title_sort | beyond gdp is there a law of one shadow price |
| title_sub | Is there a law of one shadow price? |
| topic | Economics |
| topic_facet | Economics |
| url | https://doi.org/10.1787/5jrqppxzss47-en |
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