Definitions for "Equivalent variation"
The amount of money that, paid to a person, group, or whole economy, would make them as well off as a specified change in the economy. Provides a monetary measure of the welfare effect of that change that is similar to, but not in general the same as, compensating variation.
Defined the same as compensating variation except that this welfare measure is based on initial equilibrium prices rather than new equilibrium prices.
the amount of money that leaves a person as well off as they would be after a change. Thus, it measures the amount of money required to maintain a person's satisfaction, or economic welfare, at the level it would be at after a change.