比例效用理论及验证——基于1997～2010年面板数据

Test and Verify of Ratio Utility Theory

比例效用理论认为财富的变化量与最终持有量的比值决定效用。根据比例效用理论的假设推导比例效用恒等式,然后利用中国31个省份的城镇人均收入与消费数据对恒等式进行验证,结果表明恒等式成立。应用比例效用恒等式对这些省份的人均年福利水平进行测算,结果显示1997～2010年居民福利水平逐年递增。

Ratio utility theory takes the ratio of variable amount of wealth to final amount of wealth as the ref- erence basis for people to make decisions. This paper develops a ratio utility identity based on the ratio utility theo- ry, and uses time varying panel date model from 1997 to 2010 among Chinese 31 provinces to verify the ratio utility identity. Then the paper estimates the welfare level per capita based on the ratio utility identity, and finds it had been increased annualy from 1997 to 2010.