What are social welfare functions and what core challenge do they aim to solve?
Social welfare functions aggregate individual wellbeing into overall societal wellbeing. They address how to compare and weight diverse individual interests.
Explain the difference between utilitarian and prioritarian social welfare functions.
Utilitarian functions sum individual wellbeing directly while prioritarian functions give extra weight to the wellbeing of worse-off individuals.
What are some of the limitations of using cost-benefit analysis to approximate social welfare?
Cost-benefit analysis relies on financial proxies for wellbeing and neglects distributional impacts.