Suppose that we say that an allocation x is socially preferred to an allocation y only if
Question:
Suppose that we say that an allocation x is socially preferred to an allocation y only if every one prefers x toy. (This is sometimes called the Pareto ordering, since it is closely related to the idea of Pareto efficiency.) What shortcoming does this have as a rule for making social decisions?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 70% (10 reviews)
The major shortcoming is that ...View the full answer
Answered By
Fahmin Arakkal
Tutoring and Contributing expert question and answers to teachers and students.
Primarily oversees the Heat and Mass Transfer contents presented on websites and blogs.
Responsible for Creating, Editing, Updating all contents related Chemical Engineering in
latex language
4.40+
8+ Reviews
22+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
What is Pareto-optimality (sometimes called Pareto efficiency)? Why would adherence to it minimize accounting standard setting?
-
One possible method of determining a social preference relation is the Borda count, also known as rank-order voting. Each voter is asked to rank all of the alternatives. If there are 10 alternatives,...
-
A. A simple regression model over the 1980-2003 period where the Y-variable is the Disney year-end stock price and the X-variable is Disneys earnings per share reads as follows (statistics in...
-
Coin Flips You flip a coin 100 times and get 58 heads and 42 tails. Calculate the chi-square statistic by hand showing your work, assuming the coin is fair.
-
Discuss recent trends and facts regarding corporate wellness programs in the USA?
-
Fill in the blanks with an appropriate word, phrase, or symbol(s). The principal that you would have to invest now to have a certain amount of money in the future is called the ____________ value.
-
Why would a company want to become sustainable?
-
Wells Fargo & Company, headquartered in San Francisco, is one of the nations largest financial institutions. It reported the following selected accounts (in millions) as of December 31, 2009....
-
The following transactions occurred for the month of July. Date 1-Jul Beginning Balance 3-Jul Purchase 8-Jul Sale 12-Jul Purchase 17-Jul Purchase 23-Jul Sale 31-Jul Purchase Units Cost per Sales...
-
1. Using one of the crude oils in Appendix D, make TBP and gravity midpercent curves. From these curves and the crude oil fraction specifications in Tables 4.1 or 4.2, make a complete material...
-
Suppose that Robinson and Friday both want 60 pounds of fish and 60 pounds of coconuts per day. Using the production rates given in the chapter, how many hours must Robinson and Friday work per day...
-
A Rawlsian welfare function counts only the welfare of the worst off agent. The opposite of the Rawlsian welfare function might be called the Nietzschean welfare functiona welfare function that says...
-
Of a random sample of 455 high-quality investment equity options, 203 had less than 30% debt. Of an independent random sample of 205 high-risk investment equity options, 183 had less than 30% debt....
-
KUALA LUMPUR: The FBM KLCI hastened its decline headed into midday as the blue-chip counters fell in unison on the Budget 2022 proposal of a one-off special tax on high-income companies. At 12.30pm,...
-
The plan t passes by the point: A(1,0,-7), B(-2,-1,0), C(0,0,-3) a) Find the intersection point of the plan and the following line: b) Find the equation of a line totally in t who is perpendicular to...
-
Prepare Aces Companys complete Statement of Cash Flows for the current year. Use the direct method for the operating activities section. Make sure you use the proper format for the entire statement,...
-
Use the Chinese remainder theorem to solve: Suppose a and b are relatively prime positive integers. By Theorem 4.2 we can choose a so that ar is in any congruence class we want modulo b. For that...
-
solve the given problems Let f(x) = ln(1 + x). i. Calculate the first, second, third, and fourth derivatives of f. ii. Using these derivatives, obtain the Taylor polynomials of degree n of f at b =...
-
Twenty accounting students are randomly assigned to two different sections of an intermediate accounting class. Each section ends up consisting of 10 students. In one of the sections,...
-
You are the newly appointed tax practitioner to complete Emilys tax return and have downloaded the prefill report for Emilys tax return (hint, you can read what a prefill report is here (Links to an...
-
Consider the figure below, which shows the budget constraint and the indifference curves of good King Zog. Zog is in equilibrium with an income of $300, facing prices pX = $4 and pY = $10. (a) How...
-
Maude spends all of her income on delphiniums and hollyhocks. She thinks that delphiniums and hollyhocks are perfect substitutes; one delphinium is just as good as one hollyhock. Delphiniums cost $4...
-
Douglas Cornfields demand function for good x is x(px, py,m) = 2m/5px. His income is $1,000, the price of x is $5, and the price of y is $20. If the price of x falls to $4, then his demand for x will...
-
Part 1: The Program Explain in detail: The program you identified within your specialization area(My specialization is Special Education)that is in need of evaluation. Be sure to include the purpose...
-
Should the U.S. Government play a greater role in providing an economic "safety net" for its citizens than it currently does? Alternatively, should such a greater role be the obligation of...
-
How could I Identify and describe the segmentation of the workforce in a hospital setting (drawing up our study of how to differentiate employee groups depending on their drivers, such as flexible...
Study smarter with the SolutionInn App