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Determining the parameters in a social welfare function using stated preference data: an application to health
[journal article]
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 dom... view more
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]... view less
Classification
Economic Statistics, Econometrics, Business Informatics
Social Security
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)
DOI
https://doi.org/10.1080/00036840903166244
Status
Postprint; peer reviewed
Licence
PEER Licence Agreement (applicable only to documents from PEER project)