We construct individual well-being measures that respect individual preferences and depend on the bundles of goods consumed by the individual. Building on previous work in which general families of well-being measures are identified, we introduce basic transfer principles that apply either to bundles or directly to indifference sets, and we characterize specific well-being measures that involve either the ray utility or the money-metric utility.
All Science Journal Classification (ASJC) codes
- Economics and Econometrics
- well-being measure