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Evaluation principle in assessing the two institutions

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A society has two individuals, A and B, and is considering two possible institutions x and y for the purpose of allocating recourses. The individuals' utility information from the outcomes of the two institutions are given below:

x y

Individual A 5 5

Individual B 6 6

a). Suppose you subscribe to a utility-based evaluation principle in assessing the two institutions. Do you need any further information about the two institutions? Why or why not? How would you rank the two institutions in this case?

b). Suppose that you have just learned some details about the two institutions:

x is the market system as we have discussed and have become to know,

y is the "command system" in which each individual is `planned' by the planning board a bundle that happens to be her/his most preferred bundle (the planning board has all the information about individuals' preferences for the purpose of planning).

c). With these details about the two institutions, would you change your ranking obtained in a)? Why or why not?

Reference no: EM132476343

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