On aggregation and welfare analysis |
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Authors: | James C Moore |
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Institution: | 1. Krannert School of Management, Purdue University, 366 Krannert Building, West Lafayette, IN, 47907, USA
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Abstract: | In this article, the beginnings of a new approach to the theory of aggregation are developed. The basic idea is that aggregation should involve two things: (a) data over which social preferences are defined should be mapped into a smaller-dimensional space, and (b) there should exist an ordering on that lower-dimensional space such that an improvement in this criterion implies an improvement for any of a class of social preference functions and of a class of individual preference relations defined over the original space. Results are developed which show that this conception of aggregation can yield meaningful results; particularly with respect to comparisons of ‘real national income’ in two situations, for a given economy. |
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