A Three Objective Social Welfare Function for Cost-Benefit Analysis

Applied Economics, Volume 16, 1984 - Issue 3

Posted: 22 Sep 2018

Date Written: 1984

Abstract

This article presents a set of policy decisions where a three-objective social welfare function (SWF) was used. In addition to efficiency and distributional elements there is a third constituent: the ‘numbers effect’. The cost–benefit criterion that results depends on the numbers who are willing and able to pay for the public project. As a philosophy, it follows Bentham in requiring that expenditure decisions provide the ‘greatest good for the greatest number’.

Suggested Citation

Brent, Robert J, A Three Objective Social Welfare Function for Cost-Benefit Analysis (1984). Applied Economics, Volume 16, 1984 - Issue 3, Available at SSRN: https://ssrn.com/abstract=3253379

Robert J Brent (Contact Author)

Fordham University ( email )

Department of Economics
441 E Fordham Road
Bronx, NY 10458
United States
718 817 4058 (Phone)

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