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Community indifference curve |
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Community indifference curveOne of a family of indifference curves intended to represent the preferences, and sometimes the well-being, of a country as a whole. This is a handy tool for deriving quantities of trade in a two-good model, although its legitimacy depends on the existence of community preferences, which in turn requires very restrictive assumptions. See Leontief (1933).Similar MatchesIndifference curveIndifference curveA means of representing the preferences and well being of consumers. Formally, it is a curve representing the combinations of arguments in a utility function that yield a given level of utility. Scitovszky indifference curveScitovszky indifference curveAn indifference curve for a group of individuals representing the minimum needed to keep all of them at given levels of utility. A well-behaved family of such indifference curves is defined holding utilities of all but one individual constant and varying only the one. These are useful in discussing the gains from trade. Due to Scitovszky (1942). Trade indifference curveTrade indifference curveIn a diagram measuring quantites of exports and imports, a curve representing amounts of trade among which a freely trading country is indifferent, based on its community indifference curves and its transformation curve. Due to Meade (1952). Social indifference curveSocial indifference curveA curve showing the combinations of goods that, when available to a country, yield the same level of social welfare. |
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