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?
-
What are equal matrices?
-
The theory of macroeconomic stabilization policy in this chapter provides a playbook for monetary policy. When the economy is weak, the Federal Reserve eases monetary policy by increasing the money...
-
The 2009 Annual Report of McDonald's Corporation contains the following information. InstructionsCompute the following ratios for McDonald's for 2009.(a) Asset turnover ratio.(b) Rate of return on...
-
How do organizations effectively align performance management strategies with overarching business objectives in dynamic and evolving market landscapes?
-
Create spreadsheet models to price coupon bonds, compute duration, and examine reinvestment risk. The purpose of this assignment is to get comfortable with basic spreadsheet modeling and to reinforce...
-
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...
-
Fill in the blanks: a. An F-curve is ______________skewed. b. For an F-curve with df = (14, 5), the F-value having area 0.05 to its left equals the ____________of the F-value having area 0.05 to its...
-
The stock market data of GNFC, KNR and Nifty 50 values are given below for different dates. You are required to analyse these 2 stocks from risk, return and CAPM return point of view and find the...
-
Maceo paid $2,853 interest on a qualified student loan during 2022. He and his spouse, Olivia, are filing separate returns. Their MAGI is $167,000. What is the maximum amount of student loan interest...
-
What type of bias is the primary concern of self-reported data? Selection bias Response bias Information bias Length bias Lead time bias
-
A landscaping business is purchasing plants from a nursery to finish a project. It will cost $14 each to buy each tree and $5 each to buy each bush. The landscaper wishes to keep the spending under...
-
Find the value of the trig function indicated. 1) sin 0 3) cos 0 5) tan 0 12 7) csc 0 15 0 10 23 0 8 15 9 15 20 419 25 8 2) sin 0 3 4) cos 0 6) tan 0 3 8) csc 0 0 3 5 4 00 10 8 4 5 5 8 0 0
-
If José Maria's utility function is U(q1, q2) = q1 + Aq1a q2b + q2, what is his marginal utility from q2? What is his marginal rate of substitution between these two goods?
-
One Way Cellular accountants have assembled the following data for the year ended September 30, 2014: Prepare the operating activities section using the indirect method for One Way Cellulars...
-
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...
-
The beam AD is fixed to a rigid wall at A and is supported by props at B and C as shown in figure 1. In sections AB and BC, the flexural rigidity is EI, but in section CD the flexural rigidity is...
-
What is the meaning of 'framing' and how does it impact the way we negotiate? (Your own opinion)
-
" a practitioner is never finished contracting "... What do you think are some of the challenges are when re-contracting, when situations change, and how would you respond?
Study smarter with the SolutionInn App