Social Welfare Function: Difference between revisions

Created page with "The concept of a Social Welfare Function (SWF) is often explored within the framework of welfare economics, which examines how resources can be allocated to maximize social welfare or utility. At its core, a Social Welfare Function is a theoretical construct used to represent society's preferences over alternative states of the world. It's essentially a way to aggregate individual preferences into a single measure of social welfare. Here's how it works: * '''Individua..."