Social Welfare Orderings

Life‐cycle theories emphasize the fact that consumption is allocated intertemporally, on the basis of a long‐term concept of resources that differs from household income. Because life‐cycle income is unobserved, the distribution of this variable cannot be recovered. It is shown that, within a suitably defined class, a predictor of life‐cycle income based on household income and expenditure entails a distribution dominated in a social welfare sense by the distribution of life‐cycle incomes. A predictor constructed from socio‐demographic variables induces a distribution that welfare‐dominates the distribution of life‐cycle incomes

Consumption (sociology) · Demographic economics · Distribution (mathematics) · Econometrics · Economics · Income distribution · Inequality · Labour economics · Life-cycle hypothesis · Macroeconomics · Perspective (graphical) · Social Welfare · Sociology · Variable (mathematics) · Welfare · Economic theories and models · Fiscal Policy and Economic Growth · Income, Poverty, and Inequality · Mathematics

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