National product related welfare measures in the presence of technological change: Externalities and uncertainty

摘要: The purpose of this paper is to discuss under what conditions welfare can be measured by observables related the national product (or Hamiltonian along optimal trajectory). Under nonattributable technological or environmental change, will depend on time itself, meaning that trajectory a biased measure welfare. This result also hold if we make dependence endogenous, replacing change externalities are not internalized during optimization. On other hand, take fully into account, then represent appropriate Similar results in case uncertainty, where show ‘generalized’ provides measure, and deterministic measures special cases their stochastic counterparts.