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Social Welfare Functions and Aggregation
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What is the primary purpose of a social welfare function?
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A
To rank different social states based on their desirability.
💡 Explanation:
A social welfare function is a mathematical tool used to rank different social states, or distributions of well-being among individuals, based on their desirability. It allows policymakers and economists to evaluate the overall welfare of a society and make decisions that maximize social welfare.