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  2. Social welfare function - Wikipedia

    en.wikipedia.org/wiki/Social_welfare_function

    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.

  3. Egalitarian rule - Wikipedia

    en.wikipedia.org/wiki/Egalitarian_rule

    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.

  4. Welfare economics - Wikipedia

    en.wikipedia.org/wiki/Welfare_economics

    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.

  5. Social choice theory - Wikipedia

    en.wikipedia.org/wiki/Social_choice_theory

    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 ...

  6. Unrestricted domain - Wikipedia

    en.wikipedia.org/wiki/Unrestricted_domain

    Intuitively, unrestricted domain is a common requirement for social choice functions, and is a condition for Arrow's impossibility theorem. With unrestricted domain, the social welfare function accounts for all preferences among all voters to yield a unique and complete ranking of societal choices.

  7. Common good - Wikipedia

    en.wikipedia.org/wiki/Common_good

    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.

  8. Fundamental theorems of welfare economics - Wikipedia

    en.wikipedia.org/wiki/Fundamental_theorems_of...

    There are two fundamental theorems of welfare economics. The first states that in economic equilibrium , a set of complete markets , with complete information , and in perfect competition , will be Pareto optimal (in the sense that no further exchange would make one person better off without making another worse off).

  9. Template:User Rawlsian function - Wikipedia

    en.wikipedia.org/.../Template:User_Rawlsian_function

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