Bolker-Jeffrey Expected Utility Theory and Axiomatic Utilitarianism
AbstractThis paper introduces the Bolker-Jeffrey version of expected utility theory, which differs in several important respects from the versions commonly used by economists. Within the Bolker-Jeffrey theory, the paper proves a theorem first proved by J. Harsanyi: if social preferences are coherent and Paretian, and individual preferences are coherent, then social utility can be taken to be the sum of individual utilities. But the paper shows that in the Bolker-Jeffrey theory the proof required very stringent assumptions. It assess the significance of this fact. Copyright 1990 by The Review of Economic Studies Limited.
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Bibliographic InfoArticle provided by Wiley Blackwell in its journal Review of Economic Studies.
Volume (Year): 57 (1990)
Issue (Month): 3 (July)
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