Judging social priority and the marginal utility of income among individuals

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<title>Judging social priority and the marginal utility of income among individuals</title>
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<namePart>Hammitt, James K.</namePart>
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<dateIssued encoding="marc">2026</dateIssued>
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<abstract displayLabel="Summary">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.</abstract>
<note type="statement of responsibility">James K. Hammitt</note>
<note>Internacional</note>
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<topic>Economía</topic>
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<topic>Política económica</topic>
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<topic>Análisis de riesgos</topic>
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<subject xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080616052">
<topic>Aspectos socio-económicos</topic>
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<subject xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20200021438">
<topic>Ageingnomics. Economia senior</topic>
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<url displayLabel="electronic resource" usage="primary display">https://doi.org/10.1016/j.jeoa.2026.100639</url>
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<title>The Journal of the economics of ageing</title>
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<publisher>Oxford : Elsevier ScienceDirect, 2021-</publisher>
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<identifier type="local">MAP20210010194</identifier>
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<text>13/04/2026 Volumen 34 - 2026 </text>
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