By D. W. Pearce (auth.)
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1 but a 'compensated' demand curve of the kind introduced by Hicks (1943) and the area under which is termed a 'compensating variation'. (For a fuller explanation see Pearce and Nash, 1981, pp. e. to what extent significant errors in our measure of benefit are introduced by using the Marshallian demand curve to approximate consumer surplus - is an open question (but for an impressively argued case that the errors are not of great significance see Willig, 1976). There is a third problem arising from the fact that we must aggregate surpluses to obtain an overall measure of benefit.
In fact we can find Cr+1 s .. 1 41 T Cr Time, Discounting and Decision Rules out just how much investment and consumption occurs if the economy settles at X. We can read off Ct and Ct+l immediately and we see that these are given by Ct and Ct+ 1 . e. the difference between Ct and OT must be the level of real investment in year t, ft. In tum we see that it is It that generates the consumption level Ct+1· Using these ideas we can establish some important equations. 3) But YCt = It because YC t is drawn by constructing the 45° line YT.
Instead, it seemed that not only did CBA offer a technique for aiding the evaluative process, albeit subject to many caveats, it actually offered the only reasoned technique. Founded, as it is, in a very simple concept of rationality (see Chapter 1), CBA also had a fundamental attraction of reducing a complex problem to something less complex and more manageable. 1 shows a production possibility frontier for an economy. We select a point P 1 on that frontier and observe that we now have Y1 of good Y and X 1 of good X.