A Theory of Fairness and Social Welfare (Econometric Society by Marc Fleurbaey

By Marc Fleurbaey

The definition and dimension of social welfare were a vexed factor for the prior century. This e-book makes a confident, simply appropriate suggestion and indicates how one can assessment the industrial state of affairs of a society in a manner that provides precedence to the worse-off and that respects every one individual's personal tastes over his or her personal intake, paintings, rest, etc. This process resonates with the present obstacle to move "beyond the GDP" within the size of social development. in comparison to technical stories in welfare economics, this e-book emphasizes positive effects instead of paradoxes and impossibilities, and indicates how you can begin from uncomplicated ideas of potency and equity and prove with concrete reviews of rules. in comparison to extra philosophical remedies of social justice, this e-book is extra exact concerning the definition of social welfare and reaches conclusions approximately concrete guidelines and associations in simple terms after a rigorous derivation from essentially acknowledged ideas.

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6. A social welfare function with money-metric utilities fails to be quasi-concave utility is 1 + 2δ. For δ small enough, any differentiable and symmetric social welfare function bearing on money-metric utilities will declare this change to be an improvement: dW = − ∂W ∂W δ+ 2δ > 0 ∂m1 ∂m2 ∂W ∂W if ∂m = ∂m , as should be the case for a symmetrical social welfare function 1 2 because the two individuals are equally well-off in the initial situation. The problem disappears only if one takes the maximin or the leximin criterion instead of a social welfare function with finite inequality aversion.

More precisely, fixing N and , there is an individual i ∈ N such N that for all RN ∈ RN , all zN , zN ∈ R+ \ {0} , zi Pi zi ⇒ zN P(E) zN . This is, obviously, in contradiction with resource equality, as this agent’s monotonic preferences will then be satisfied at the expense of all the others. 12 A Contribution to Welfare Economics The literature on Arrovian social choice in economic domains (that is, domains in which trade or production opportunities are explicitly modeled and preferences are typically restricted to be self-centered and satisfy conditions of continuity, monotonicity, and convexity) has focused on identifying the domains of economies over which Arrow’s negative result is reproduced.

We denote the set of proportional allocations for E by Pr(E). Proportional allocations delineate a simple setting in which all interpersonal comparisons, as well as transfers between agents, can be conceived directly in terms of fractions of the social endowment. Again, restricting the application of the transfer principle to proportional allocations prevents the ranking of agents into richer and poorer from varying (technically, it prevents us from using Pareto indifference to move along the indifference surfaces and apply the axiom twice).

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