On Diversity*

Citation:

Weitzman ML. On Diversity*. Quarterly Journal of Economics. 1992;107 (2) :363-405.
on_diversity.pdf694 KB

Abstract:

An oft-repeated goal in many contexts is the "preservation of diversity." But what is the diversity function to be optimized? This paper shows how a reasonable measure of the "value of diversity" of a collection of objects can be recursively generated from more fundamental information about the dissimilarity-distance between any pair of objects in the set. The diversity function is shown to satisfy a basic dynamic programming equation, which in a well-defined sense generates an optimal classification scheme. A surprisingly rich theory of diversity emerges, having ramifications for several disciplines. Implications and applications are discussed.

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Last updated on 10/05/2017