Question

Clearly type out your answer to parts (A) (B) and (C). A community consists of 5 people. Their elected representative wants to maximize a social welfare function that rewards good students. (A) Given an example of a welfare function that would accomplish the representative's goal. (B) Would it result in equality? (C) What is a way to incentivize studying and create more equality? HTML File

Answer 1

A) Financial incentive scheme or a scholarship scheme can be used as a welfare function which would accomplish the representatives goal.

• This scheme should be devised based on multiple indicators because good students should be rewarded
• academic performance,
• attendance
• extra curricular activities
• discipline
• social responsibility

B) There is a chance for not meeting equality. But it is not a matter of concern because here the discrimination is based on merit.

C) When a scholarship or financial incentive is given based on academic performance attendance and more there is a higher chance of incentivising the culture of studying.

Steps should be taken to bring forward the back performers by handholding and encouraging towards the culture of learning and giving attractive incentives to the top performance will automatically bring a competitive mindset to one and all studying in the same class or school. Thus we can create more equality.