welfare function
[/ˈwɛlfeər ˈfʌŋkʃən/]
nounpl: welfare functions
função de bem-estar
1. A mathematical function in economics that represents the overall level of well-being or satisfaction in an economy or society, aggregating individual utilities or preferences
The social welfare function combines individual preferences to measure total societal well-being.
A função de bem-estar social combina as preferências individuais para medir o bem-estar total da sociedade.
2. In microeconomics, a function that assigns a real number to each possible allocation of resources, reflecting the level of welfare achieved
Economists use a welfare function to evaluate the efficiency of different resource distributions.
Economistas usam uma função de bem-estar para avaliar a eficiência de diferentes distribuições de recursos.
3. A tool in policy analysis used to measure and compare the effects of different economic policies on overall societal welfare
The government applied a welfare function to assess the impact of the new tax policy.
O governo aplicou uma função de bem-estar para avaliar o impacto da nova política tributária.
Welfare function is primarily an academic and technical term used in economics, particularly in welfare economics, public policy, and social choice theory. It is more prevalent in Brazilian academic discourse than in everyday language. The concept reflects Western economic thinking about measuring and optimizing societal well-being, and is commonly discussed in university economics programs and policy analysis organizations in both Brazil and the United States.
Related Idioms & Phrases
maximize the welfare function
aggregate welfare function
individual welfare functions
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