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- W1559942589 abstract "In modern Western democracies, economic and political institutionsoften have been criticized on moral grounds. The arguments pinpoint theresulting inequalities and inefficiencies as the evidence of theseinstitutions' inadequacy to provide justice. However, evaluating institutionsin retrospect (ex post), by contrasting their ex-post resource allocation withother allocations known to be feasible ex post, is misleading. Socialdecisions must be made under conditions of uncertainty. Hence, institutionsmust be evaluated before the uncertainty is resolved (ex ante), i.e.,according to their expected performance, as delimited by the informationavailable at the time decisions are made. So an institution can be condemnedonly if an alternative one exists yielding preferable outcomes (by any measureto be decided upon) under the same ex-ante information set." @default.
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- W1559942589 date "1990-12-01" @default.
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- W1559942589 title "Some Problems of Infinite Regress in Social-Choice Models : A Category Theory Solution" @default.
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- W1559942589 doi "https://doi.org/10.26509/frbc-wp-199016" @default.
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