Daily Assignment Sept 26 - Wednesday Choices for more than one individual Pareto improvements the Pareto principle and the social possibility frontier

Daily Assignment Sept 26 - Wednesday Choices for more than...

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Wednesday, September 23, 2012 Choices for more than one individual: Pareto improvements, the Pareto principle, and the social possibility frontier Readings “Pareto Principle,” Stokey and Zeckhauser, pp. 22-32 top, 270-273 (Collab) Key Terms Fundamental Model of Choice forces the decision maker to express the alternatives possible and his preferences among them in comparable units Pareto Criterion dynamic concept where a move north or east of a current position is viewed as an improvement and should be preferred since at least one person is better off in that situation Possibility Frontier (in Public Policy) Pareto Improvement situation where no individual would willingly trade in a manner that hurts their own welfare Decision Maker’s Preferences Pareto Optimum static concept in which it is impossible to improve on aspect of a situation without making another worse Indifference Curve Fundamental Theorem of Welfare Economics Indifference Map Efficient Set Preference Function Structure of Preferences
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  • Fall '11
  • Kleiman
  • pareto, Kaldor-Hicks efficiency, Compensation principle

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