1. Manuscripts must be in English.

2. Manuscripts should be submitted to the EE-System.
There is a submission fee of 100,000 won (200,000 won for non-members of the KEA). The submission fee is waived if you are affiliated with a foreign institute or organization. Once your submission is complete to the EE system, we will send you a bill that asks you to pay to our account at the KEB Hana Bank 119-890005-54904 (The Korean Economic Association).
Submission of a paper will be held to imply that it contains original unpublished work and is not being submitted for publication elsewhere.

3. Manuscripts should be double spaced, and printed on one side of the paper only. All pages should be numbered consecutively.

4. The first page of the manuscript should contain the following information : (i) the title; (ii) the name(s) and institutional affiliation(s) of the author(s); (iii) the running head with no more than 6 words to appear at the top of each odd-numbered page; (iv) an abstract of not more than 150 words; (v) at least one classification code according to the Classification System for Journal Articles as used by the Journal of Economic Literature; (vi) a footnote containing the ddress of correspondence, acknowledgements, etc. This footnote should not be numbered.

5. Displayed formulae should be numbered consecutively throughout the manuscript as (1), (2), etc. against the right-hand margin of the page. In cases where the derivation of the formulae has been abbreviated, it is of great help to the referees if the full derivation can be presented on a separate sheet (not to be published).

6. Figures and tables should be numbered consecutively in the text as Fig.1, Table 1, etc. with descriptive titles. Figures should be ready for photographic reproduction and tables should be directly publishable. Figures and tables should be prepared on separate sheets with appropriate location of each figure and table indicated in the text.

7. Footnotes should be kept to a minimum and be numbered consecutively throughout the text with superscript arabic numberals, e.g., "...opinion5) ...".

8. References to publications should appear in the text as follows: "...was proved by Anderson(1972)..." or "... has been studied previously (e.g., Smith et al., 1969)". The list of references should appear at the end of the main text (after any appendices, but before tables and figures). References should be listed in alphabetical order of author's last name, and should appear as follows :

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.

Note that journal titles should not be abbreviated.

9. Authors are expected to provide the data set on request to the Board of Editors unless there are restrictions on the dissemination of the data.

10. For an accepted paper, we ask you to submit a short abstract in Korean (if you are familiar with Korean).


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