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Efficiency and fairness are two major goals of welfare economics. Given a set of resources and a set of agents, the goal is to divide the resources among the agents in a way that is both Pareto efficient (PE) and envy-free (EF). The goal was first defined by David Schmeidler and Menahem Yaari. [1]
Their accounts refer to (short-run) production as well as exchange, expressing the conditions for both through linear functions. Equilibrium for production is expressed by the constraint that the value of a manufacturer's net output, i.e. the dot product of the production vector with the price vector, should be maximised over the manufacturer's ...
A social scoring function maps each candidate to a number representing their quality. For example, the standard social scoring function for first-preference plurality is the total number of voters who rank a candidate first. Every social ordering can be made into a choice function by considering only the highest-ranked outcome.
If you want to put your dollars into causes you care about, one of the easiest ways to get started is through socially responsible investing. The strategy prioritizes financial return with the ...
Welfare economics is a field of economics that applies microeconomic techniques to evaluate the overall well-being (welfare) of a society. [1]The principles of welfare economics are often used to inform public economics, which focuses on the ways in which government intervention can improve social welfare.
If only diseconomies of scale existed, then the long-run average cost-minimizing firm size would be one worker, producing the minimal possible level of output. However, economies of scale also apply, which state that large firms can have lower per-unit costs due to buying at bulk discounts (components, insurance, real estate, advertising, etc.) and can also limit competition by buying out ...
Microsoft president Brad Smith has called on Trump to loosen certain export rules that limit Big Tech’s ability to build data centers in countries like Poland, Israel, Switzerland, and Saudi Arabia.
Equity in the context of taxation demands that the tax burden should be proportional to the taxpayer's ability to pay. This criterion can be further broken down into horizontal equity (imposing the same tax on two taxpayers with equal ability to pay) and vertical equity (imposing greater tax burdens on those with greater ability to pay). Of ...