Judging social priority and the marginal utility of income among individuals

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<dc:creator>Hammitt, James K.</dc:creator>
<dc:date>2026</dc:date>
<dc:description xml:lang="es">Sumario: Weighted benefit-cost analysis (wBCA) is gaining attention as a method to incorporate distributional concerns in policy evaluation. Weights aim to reflect differences in the marginal utility of income and the social value of improving wellbeing. However, there is no objective method for interpersonal or intrapersonal utility comparisons, making weight selection judgmental. The paper reviews approaches to estimate marginal utility, including subjective wellbeing, risk aversion, intertemporal choices, and tax schedules, highlighting their limitations. It also examines heterogeneity in utility functions and age-based weighting, discussing implications for fairness and social welfare functions. The conclusion emphasizes that weights must be based on normative judgments, constrained by consistency requirements, and considers practical and ethical challenges in applying wBCA.</dc:description>
<dc:identifier>https://documentacion.fundacionmapfre.org/documentacion/publico/es/bib/190773.do</dc:identifier>
<dc:language>eng</dc:language>
<dc:rights xml:lang="es">InC - http://rightsstatements.org/vocab/InC/1.0/</dc:rights>
<dc:subject xml:lang="es">Economía</dc:subject>
<dc:subject xml:lang="es">Política económica</dc:subject>
<dc:subject xml:lang="es">Análisis de riesgos</dc:subject>
<dc:subject xml:lang="es">Aspectos socio-económicos</dc:subject>
<dc:subject xml:lang="es">Ageingnomics. Economia senior</dc:subject>
<dc:type xml:lang="es">Artículos y capítulos</dc:type>
<dc:title xml:lang="es">Judging social priority and the marginal utility of income among individuals</dc:title>
<dc:relation xml:lang="es">En: The Journal of the economics of ageing . - Oxford : Elsevier ScienceDirect, 2021-. - 13/04/2026 Volumen 34 - 2026 </dc:relation>
<dc:coverage xml:lang="es">Ámbito geográfico: Internacional</dc:coverage>
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