Determining the parameters in a social welfare function using stated preference data: an application to health

R. Shaw; P. Dolan; A. Tsuchiya; P. Smith; A. Williams

Determining the parameters in a social welfare function using stated preference data: an application to health

R. Shaw, P. Dolan, A. Tsuchiya, P. Smith, A. Williams

English and Related Literature

Research output: Working paper › Discussion paper

Abstract

One way in which economists might determine how best to balance the competing objectives of efficiency and equity is to specify a social welfare function (SWF). This paper looks at how the stated preferences of a sample of the general public can be used to estimate the shape of the SWF in the domain of health benefits. The results suggest that it is possible to determine the parameters in a social welfare function from stated preference data, but show that people are sensitive to what inequalities exist and to the groups across which those inequalities exist.

Original language	English
Publisher	Applied Economics
Publication status	Published - 2002

Keywords

social welfare function
preference elicitation
equity-efficiency trade-off

Access to Document

HEDS_DP_02-02.pdf

Cite this

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abstract = "One way in which economists might determine how best to balance the competing objectives of efficiency and equity is to specify a social welfare function (SWF). This paper looks at how the stated preferences of a sample of the general public can be used to estimate the shape of the SWF in the domain of health benefits. The results suggest that it is possible to determine the parameters in a social welfare function from stated preference data, but show that people are sensitive to what inequalities exist and to the groups across which those inequalities exist.",

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AB - One way in which economists might determine how best to balance the competing objectives of efficiency and equity is to specify a social welfare function (SWF). This paper looks at how the stated preferences of a sample of the general public can be used to estimate the shape of the SWF in the domain of health benefits. The results suggest that it is possible to determine the parameters in a social welfare function from stated preference data, but show that people are sensitive to what inequalities exist and to the groups across which those inequalities exist.

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KW - equity-efficiency trade-off

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BT - Determining the parameters in a social welfare function using stated preference data: an application to health

PB - Applied Economics

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