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Economic planning based on social preference functions
Authors:Ki Hang Kim  Fred W. Roush
Affiliation:Mathematics Research Group, Alabama State University, Montgomery, AL 36101, USA
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.
Keywords:Social welfare function  Nash bargaining solution  Interpersonal comparison of utilities
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