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Relative Utilitarianism Author info | Abstract | Publisher info | Download info | Related research | Statistics Amrita Dhillon
Jean-Francois Mertens
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In a framework of preferences over lotteries, the authors show that an axiom system consisting of weakened versions of Arrow's axioms has a unique solution, 'relative utilitarianism.' This consists of first normalizing individual von Neumann-Morgenstern utilities between zero and one and then summing them. The weakening consists chiefly in removing from IIA the requirement that social preferences be insensitive to variations in the intensity of preferences. The authors also show the resulting axiom system to be in a strong sense independent.
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Article provided by Econometric Society in its journal Econometrica .
Volume (Year): 67 (1999)
Issue (Month): 3 (May)
Pages: 471-498
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Handle: RePEc:ecm:emetrp:v:67:y:1999:i:3:p:471-498Contact details of provider: Phone: 1 212 998 3820 Fax: 1 212 995 4487 Email: Web page: http://www.econometricsociety.org/ More information through EDIRC
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