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Results tagged with social-welfare
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user 11824
Social welfare is a quantitative measure of how good or bad a policy or situation is for a society, overall. It is usually obtained by somehow "aggregating" the utility functions of all the people in that society (e.g. by computing the average utility).
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Why does Arrow's impossibility theorem have the 'no dictator' axiom?
Universal domain and dictatorship together imply that, whether or not the individual who is a dictator is representative, society will only care about the dictator's preferences. For example, if every …
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