The name is absent



11

In contrast, where it exists and is finite [i.e., for ("3 #3)"3 0], the normalized

Marshallian choke price pw38sets Marshallian demand to zero, so is defined implicitly as

,8                              w8 #!+!#5 P8

x3(p3 β p—3,z,?) œ ("3 #3)e#p3 e   5≠3    + "3M8 ´ 0,

and simplifies to a form similar to (16),

w8w8!"

P3 œ P3 + #ln


M8

M X "


(17)


Access Value and Consumer's Surplus

Access value for good i is defined as the change in expenditure resulting from the price
change
sp38pp38!; i.e.,

AV ´ /(s8β P83,z,?) /(P80β P83,z,?)

(18)


´ /(s8β P83,z,?) M.

Using the indirect utility function (3) evaluated at initial Prices p80 and M8 to identify
the utility index
?, the exPenditure function evaluated at the choke Price for good i is

8n 8      at ʌʃʌ Γ ^(s' n’° ^''!^4p

/(p3 β p83,z,?) œ )(p,M) ∙ — e#3(p3 p e      44

+ :M + e1'o+!wn! <e"3(P8P8o)

(19)




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