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Lee, D. and C. Kim, (1996), "A Comparison of Industrial and Trade Structures of Korea, Japan and the U.S.," The Korean Economic Review, vol.12, no.1, 135-154.

Anderson, T. W. (1971), The Statistical Analysis of Time Series, New York: John Wiley and Sons.

Wooldridge, J. M. (1994), "Estimation and Inference for Dependent Processes," in R. F. Engle and D. L. McFadden, eds., Handbook of Econometrics, Vol. IV , Amsterdam : Elsevier Science B.V., 2639-2738.

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This article provides a theoretically consistent framework for welfare measurement under quantity restrictions and free adjustment of prices in equilibrium. The paper extends Randall and Stoll's and Hanemann's results into a complete inverse demand system. It is found that Randall and Stoll's and Hanemann's results should be modified to fit into the complete inverse demand system. (less than 150 words)

JEL Classification : D60, D62 (at least one classification code according to the Classification System for Journal Articles as used by the Journal of Economic Literature) Keywords : Quantity-based Compensation Variation, Quantity-based Equivalent Variation, Willingness-To-Pay, Willingness-To-Accept, Scale Flexibility


Researchers involved in applied welfare analysis have conducted demand analysis based on ordinary demands or mixed demands.


The undividual chooses his consumption by solving


Department of Economics and Business, North Carolina State University, Raleigh, NC 27695, USA and National Statistical Office, 647-15 Yoksam Kangnam, Seoul 135-723, Korea. (e-mail: