Week 2
Cards (20)
- Egalitarianism is equal sharing of outfits and costs
- Egalitarianism is a justifiable way of allocating resources, however it may not be feasible or the best
- Egalitarian methods may not be par metro efficient if there is a solution where the costs are unequal but lower for both parties
- Unanimity means that if everyone prefers x to y, then y should not be used
- Pareto inferiority is when a decision is made where both parties can be better off of a different decision was made
- Maximin is when you make the worst off person least worst of- the minimum utility is maximised
- Anonymity is when the utility vector is rearranged in order of highest to lowest value
- Leximin is when the maximin is inconclusive, so you must choose the option where the second worst case scenario is the best
- Classical utilitarianism is when the total cost of each decision is added up, then the option with the lowest total cost is selected
- The plurality rule is used in voting
- The plurality rule is used when each voter casts one vote, and the candidate with the most votes wins
- Condorcet voting means that the winner is the candidate who would beat all other candidates in a head-to-head battle, even if they didn’t receive the highest number of votes
- There may not be a Condorcet winner, if a>b, b>c, but c>a, so it cycles in majority
- the borda rule gives points for every rank (like Eurovision)
- there are profiles where the concordant, bordent and plurality winners are all differeny
- There are 3 acceptible sets of axioms, U, P and IIA. With these in place, it is impossible to find a reasonable outcome for the whole society, so the only ranking we can use is a dictatorship
- no scoring rule satisfies all desireable assumptions
- U is unrestricted domain. individuals can have any preference, and they are not restricted
- P is Pareto. If everyone prefers X to Y, then society should chose X
- IIA is independence of Irrelevant Alternatives; that the social preference of X and Y should only depend on individuals' preferences of X and Y