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The public at large, many policymakers, and some economists hold views of social welfare that attach some importance to factors other than individuals' utilities. This note shows that any such non-individualistic notion of social welfare conflicts with the Pareto principle
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' utility functions and the concavity of the social welfare function. In the pertinent literatures, notably on optimal income …, however, reveals that this is not the case. Concavity of utility has a simple, direct effect on the marginal social value of … cases may not be very significant. The implications of this difference are examined for some standard forms of utility and …
Persistent link: https://www.econbiz.de/10012468707
' utility functions and the concavity of the social welfare function. In the pertinent literatures, notably on optimal income …, however, reveals that this is not the case. Concavity of utility has a simple, direct effect on the marginal social value of … cases may not be very significant. The implications of this difference are examined for some standard forms of utility and …
Persistent link: https://www.econbiz.de/10014074750
' utility functions and the concavity of the social welfare function. In the pertinent literatures, notably on optimal income …, however, reveals that this is not the case. Concavity of utility has a simple, direct effect on the marginal social value of … cases may not be very significant. The implications of this difference are examined for some standard forms of utility and …
Persistent link: https://www.econbiz.de/10014075235
The public at large, many policymakers, and some economists hold views of social welfare that attach some importance to factors other than individuals' utilities. This note shows that any such non-individualistic notion of social welfare conflicts with the Pareto principle
Persistent link: https://www.econbiz.de/10013234371