Van Praag, B. M. (1971). The welfare function of income in Belgium: An empirical investigation. European Economic Review, 2, 337-369.
This paper is an empirical investigation into the validity of some theses posed in . There it is stated (1) that the individual is able to evaluate his income level on a zero-one scale in a cardinal way, and (2) that the resulting evaluation U(y) of a steady income stream at level y under specific assumptions is approximately equal to λ (y; μ, σ2), where ...



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