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

By Marc Fleurbaey

The definition and size of social welfare were a vexed factor for the earlier century. This booklet makes a positive, simply appropriate inspiration and indicates how one can overview the industrial scenario of a society in a fashion that offers precedence to the worse-off and that respects every one individual's personal tastes over his or her personal intake, paintings, rest, and so forth. This strategy resonates with the present challenge to move "beyond the GDP" within the size of social growth. in comparison to technical reports in welfare economics, this booklet emphasizes optimistic effects instead of paradoxes and impossibilities, and indicates how you can commence from simple ideas of potency and equity and prove with concrete reviews of regulations. in comparison to extra philosophical remedies of social justice, this booklet is extra distinctive concerning the definition of social welfare and reaches conclusions approximately concrete rules and associations merely after a rigorous derivation from basically acknowledged rules.

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Sample text

The no-envy concept is a selection concept adapted to allocation rules and does not easily apply to SOFs in the multidimensional context, for the same sort of reason as the Pigou–Dalton transfer. 2), an allocation in which agent 8 The seminal references are Kolm (1972) and Varian (1974). For a recent survey, see Arnsperger (1994). 7. Nested-contour transfer 1 k envies agent j, such as zN in the figure, can be Pareto equivalent to another 2 allocation, such as zN , in which j envies k. It is then difficult to decide who, among j and k, should be given priority on the basis of the no-envy concept.

12 Criticisms of compensating or equivalent variations, or of the related compensation tests, can be found in Arrow (1963), Boadway and Bruce (1984), and Blackorby and Donaldson (1990), among many other references. 8 MONEY-METRIC UTILITIES For a fixed reference price p ∗ , the expression mi (zi ) = min p∗ x | x Ri zi is a utility representation of agent i’s preferences, a “money-metric” utility. Samuelson and Swamy (1974) and Samuelson (1974) proposed to use this number as the key ingredient of a quantity index that is convenient for tracking individual well-being accurately, in contrast with standard indices such as the Laspeyres, Paasche, or Fisher quantity indices, which do not respect individual preferences in general.

For instance, consider the following multidimensional generalization of the Gini coefficient (Gajdos and Weymark 2005). Two allocations are compared in the following way. For each allocation, first, the Gini mean10 of the distribution of each good is computed separately, and, second, the geometric mean of these means is computed. The allocation with the largest geometric mean is socially preferred to the other. To define this SOF formally, we need to introduce the following notation. For E = (RN , ) ∈ D, zN ∈ XN and k ∈ {1, .

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