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Compensation principle

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  1. in welfare economics refers to a decision rule used to select between pairs of alternative feasible social states

    Source: Wikipedia Unhappy with this fact? more info
    created by user picturefactobot on March 2, 2009
  2. One of these states is the hypothetical point of departure ("the original state")

    Source: Wikipedia Unhappy with this fact? more info
    created by user picturefactobot on March 2, 2009
  3. According to the compensation principle, if the prospective gainers could compensate (any) prospective losers and leave no one worse off, the other state is to be selected (Chipman, 1987, p. 524)

    Source: Wikipedia Unhappy with this fact? more info
    created by user picturefactobot on March 2, 2009
  4. An example of a compensation principle is the Pareto criterion in which a change in states entails that such compensation is not merely feasible but required

    Source: Wikipedia Unhappy with this fact? more info
    created by user picturefactobot on March 2, 2009
  5. Two variants are

    Source: Wikipedia Unhappy with this fact? more info
    created by user picturefactobot on March 2, 2009
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