Search results
Results from the WOW.Com Content Network
A cardinal social welfare function is a function that takes as input numeric representations of individual utilities (also known as cardinal utility), and returns as output a numeric representation of the collective welfare. The underlying assumption is that individuals utilities can be put on a common scale and compared.
In social choice and operations research, the egalitarian rule (also called the max-min rule or the Rawlsian rule) is a rule saying that, among all possible alternatives, society should pick the alternative which maximizes the minimum utility of all individuals in society.
Welfare economics is a field of economics that applies microeconomic techniques to evaluate the overall well-being (welfare) of a society. [1]The principles of welfare economics are often used to inform public economics, which focuses on the ways in which government intervention can improve social welfare.
Social choice studies the behavior of different mathematical procedures (social welfare functions) used to combine individual preferences into a coherent whole. [ 2 ] [ 3 ] [ 4 ] It contrasts with political science in that it is a normative field that studies how a society can make good decisions, whereas political science is a descriptive ...
A utilitarian social welfare function weights the well-being of each individual equally, while a Rawlsian social welfare function only considers the welfare of the least well-off individual. [ 48 ] Neoclassical economic theory provides two conflicting lenses for thinking about the genesis of the common good, two distinct sets of microfoundations.
1 Promoting Healthy Choices: Information vs. Convenience Jessica Wisdom, Julie S. Downs and George Loewenstein Contact Information: We thank the USDA Economic Research Service and the Center for Behavioral Decision
Following Abram Bergson, whose formulation of a social welfare function launched ordinalist welfare economics, [1] Arrow avoids locating a social good as independent of individual values. Rather, social values inhere in actions from social-decision rules (hypostatized as constitutional conditions ) using individual values as input.
The Trump administration’s rapid moves to dismantle the US Agency for International Development have left thousands of workers scrambling to figure out what comes next and scores of those posted ...