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Results tagged with social-welfare
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user 1601
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).
18
votes
Why teach Arrow's impossibility theorem?
What you describe has not much to do with Arrow's impossibility theorem. This is called the Condorcet paradox. The preference profile you gave is used to demonstrate that even if all individual prefer …
- 29.7k
1
vote
The social welfare of a unique general competitive equilibrium in an exchange economy
Using the 'utility monster' critique of aggregate utility maximization it is pretty easy to show that gen. comp. eq. does not always maximize aggregate utility.
Imagine a pure exchange economy with t …
- 29.7k
8
votes
Accepted
Will a Guaranteed minimum income not eventually just be crowded out by inflation?
I will not discuss fairness (for example employers gains versus employees gains and bargaining power) principles as you did not ask about those.
Is "crowding out" the right phrase here?
Even if inflat …
- 29.7k
2
votes
Arrow’s Impossibility Theorem Proof - Unicity of "dictator"
There cannot be two dictators over all alternatives, what would happen if one wanted alternative 1 and the other alternative 2? So if they prove that Bob is a dictator, they have proven that Bob is th …
- 29.7k
2
votes
Accepted
What is the problem with this opportunity cost example?
The joke is conflating the value of the item you get and the value of the option to determine which item you get.
Suppose I value the Snickers at $\\\$.4$ and the M&Ms at $\\\$.75$.
If I am offered …
- 29.7k