Social Welfare Function

Discipline: Economics

Introduced by American economist ABRAM BERGSON (1914-2003) as a rejection of the cardinal utility approach to welfare economics, social welfare function is understood as meaning the determination of a society's taste for different economic states.

There are two approaches to the welfare function: first, that it is an imposed structure; second, that it devises a single constitutional/voting system which changes the rankings of the individual into a single society ranking.

Also see: impossibility theorem

Source:
A Bergson, 'A Reformulation of Certain Aspects of Welfare Economics', Quarterly Journal of Economics 52, 2 (February 1938) 310-34

Share

Facebook Twitter