Economic planning based on social preference functions |
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Authors: | Ki Hang Kim Fred W. Roush |
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Affiliation: | Mathematics Research Group, Alabama State University, Montgomery, AL 36101, USA |
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Abstract: | We argue that the most desirable social welfare functions for practical use (here sometimes called social preference functions) are those determined by Σilog(ui(x)?α) where ui(x) is the utility of alternative x to individual i and α is the minimum standard of living decided upon by the society. |
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Keywords: | Social welfare function Nash bargaining solution Interpersonal comparison of utilities |
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