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Social welfare function |
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Social welfare functionA function mapping allocations of goods to the individuals in an economy to a level of welfare for the economy as a whole. If it depends only on the levels of utility of the individuals rather than separately on the allocations, then it is a Bergsonian social welfare function.Similar MatchesConstant elasticity of substitution functionConstant elasticity of substitution functionSee CES function Neoclassical production functionNeoclassical production functionA production function with the properties of constant returns to scale and smoothly diminishing returns to individual factors. Utility functionUtility functionA function that specifies the utility (well being) of a consumer for all combinations goods consumed (and sometimes other considerations). Represents both their welfare and their preferences. MultifunctionalityMultifunctionalityRefers to the purposes that an industry may serve in addition to producing its output. Most often applied to agriculture by countries that wish to subsidize it, who argue that subsidies are needed to serve these other purposes, such as rural viability, land conservation, cultural heritage, etc. Probability functionProbability functionA measure that assigns a likelihood of occurrence to each and every possible outcome. Further SuggestionsCobb-Douglas functionTeams Cross Functional Bergsonian social welfare function Reaction function Essential purpose (or function) bond Translog function Functional distribution of income CES Function Teams Functional Probability density function Utility function Dixit-Stiglitz function Conservative Social Welfare Function Demand function SMAC function Homogeneous function Production function Supply function Cost function |
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