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Determining the parameters in a social welfare function using stated preference data: an application to health

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Dolan, Paul; Tsuchiya, Aki

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Abstract One way in which economists might determine how best to balance the competing objectives of efficiency and equality is to specify a social welfare function (SWF). This paper looks at how the stated preferences of a sample of the general public can be used to estimate the shape of the SWF in the domain of health benefits. The results suggest that people are willing to make trade-offs between efficiency and equality and that these trade-offs are sensitive to what inequalities exist and to the groups across which those inequalities exist. [author's abstract]
Classification Social Security; Economic Statistics, Econometrics, Business Informatics
Free Keywords social welfare function; preference elicitation; equality; efficiency; trade-off
Document language English
Publication Year 2010
Page/Pages 24 p.
Journal Applied Economics (2010)
Status Postprint; peer reviewed
Licence PEER Licence Agreement (applicable only to documents from PEER project)