Intermediate Microeconomics · free preview
Social Welfare, Fairness, and Module Summary
Aggregating preferences needs a social welfare function, utilitarian sums and Rawlsian maximins picking different frontier points, 25 each versus a corner of 100 and 0 in the worked economy, envy-freeness offering a non-welfarist fairness test, and Arrow's theorem showing no aggregation of rankings satisfies modest axioms without a dictator, the module and the course's exchange analytics closing.
1. Aggregation's question
Aggregation's question
2. Fairness without comparisons
Fairness without comparisons
3. Arrow's impossibility
Arrow's impossibility
4. The module closed
The module closed
5. Utilitarian choice
Where does utilitarianism land on the worked utility frontier?
6. The maximin
Where does the Rawlsian maximin land, and why?
7. Envy-freeness
What is the envy-free result for equal division plus trade?
8. Arrow's axioms
Which of these is NOT one of Arrow's four axioms?
9. The maximin value
Compute the maximin utility at (25, 25), the minimum of 25 and 25, and write the number.
10. The utilitarian sum at equality
Compute the utilitarian sum at (25, 25) and write the number.
11. The utilitarian's arithmetic
At t of 4 the utilities are 16 and 36. What is their sum, and how does it compare to the middle?
12. Maximin rejects a tilt
At t of 6 the utilities are 36 and 16. What does the Rawlsian maximin conclude?
13. Envy at the split
At the equilibrium both consume (5,5). What does the envy test conclude?
14. The axiom majority voting breaks
Pairwise majority voting over three options violates which Arrow axiom?
15. The utilitarian sum at t of 4
At t of 4 with utilities 16 and 36, compute the utilitarian sum, and write the number.
16. The maximin at t of 6
At t of 6 the utilities are 36 and 16. Compute the maximin value, and write the number.
Practice this interactively
Free account · instant grading · spaced review that schedules itself.
Start this course for free