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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. Welfare maximization - Wikipedia

    en.wikipedia.org/wiki/Welfare_maximization

    An additive agent has a utility function that is an additive set function: for every additive agent i and item j, there is a value ,, such that () =, for every set Z of items. When all agents are additive, welfare maximization can be done by a simple polynomial-time algorithm: give each item j to an agent for whom v i , j {\displaystyle v_{i,j ...

  4. Social choice theory - Wikipedia

    en.wikipedia.org/wiki/Social_choice_theory

    Social choice theory is a branch of welfare economics that extends the theory of rational choice to collective decision-making. [1] Social choice studies the behavior of different mathematical procedures ( social welfare functions ) used to combine individual preferences into a coherent whole.

  5. List of unsolved problems in fair division - Wikipedia

    en.wikipedia.org/wiki/List_of_unsolved_problems...

    The price of fairness is the ratio between the maximum social welfare (sum of utilities) in any allocation, and the maximum social welfare in a fair allocation. What is the price of EF1 fairness? The upper bound is O ( n ) {\displaystyle O(n)} - by either Round-robin or maximum Nash welfare.

  6. Category:Welfare economics - Wikipedia

    en.wikipedia.org/wiki/Category:Welfare_economics

    Welfare economics is a branch of economics that uses microeconomic techniques to evaluate well-being (welfare) at the aggregate (economy-wide) level. A typical methodology begins with the derivation (or assumption) of a social welfare function, which can then be used to rank economically feasible allocations of resources in terms of the social welfare they entail.

  7. 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.

  8. Pigou–Dalton principle - Wikipedia

    en.wikipedia.org/wiki/Pigou–Dalton_principle

    The Pigou–Dalton principle (PDP) is a principle in welfare economics, particularly in cardinal welfarism. Named after Arthur Cecil Pigou and Hugh Dalton, it is a condition on social welfare functions. It says that, all other things being equal, a social welfare function should prefer allocations that are more equitable. In other words, a ...

  9. Utility–possibility frontier - Wikipedia

    en.wikipedia.org/wiki/Utility–possibility_frontier

    Usually, the social welfare function, which incorporates the deservedness of the two individuals and states how society’s well-being relates to that of the two individuals, is required to maximize social welfare. [5] It is assumed that the value of social welfare changes as the individual utility of any member of society changes.