The social cost of carbon (SCC) quantifies the economic damage associated with emitting a ton of carbon dioxide into the atmosphere. Regulatory impact analyses from U.S. federal agencies utilize the ...

This article proposes a new social welfare measure based on Aristotle's theory of reciprocity. Unlike existing metrics of social welfare, the proposed Aristotelian social welfare function measures ...

Investopedia contributors come from a range of backgrounds, and over 25 years there have been thousands of expert writers and editors who have contributed. Robert Kelly is managing director of XTS ...

James Buchanan wrote "An Economic Theory of Clubs" and invented clubs to support a form of welfare economics in which there is no social welfare function (SWF) and individual utility functions cannot ...

Citations: Satterthwaite, Mark. 1975. Strategy-Proofness and Arrow's Conditions: Existence and Correspondence Theorems for Voting Procedures and Social Welfare Functions. Journal of Economic Theory.