Extended Paretian Rules and Relative Utilitarianism
AbstractThis paper introduces the "Extended Pareto" axiom on Social Welfare Functions and gives a characterization of the axiom when it is assumed that the Social Welfare Functions that satisfy it in a framework of preferences over lotteries also satisfy the restrictions (on the domain and range of preferences) implied by the von-Neumann Morgenstern axioms. With the addition of 2 other axioms: "Anonymity" and a weak version of Arrow's Independence of Irrelevant Alternatives axiom: "Weak IIA" it is shown that there is a unique Social Welfare Function called "Relative Utilitarianism" that consists of normalising individual utilities between 0 and 1 and adding them.
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Bibliographic InfoPaper provided by Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) in its series CORE Discussion Papers with number 1995052.
Date of creation: 01 Sep 1995
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Other versions of this item:
- Dhillon, Amrita, . "Extended paretian rules and relative utilitarianism," Open Access publications from Universidad Carlos III de Madrid info:hdl:10016/3912, Universidad Carlos III de Madrid.
- D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations
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- DHILLON, Amrita & MERTENS, Jean-François, 1993.
CORE Discussion Papers
1993048, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
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- Weymark, J.A., 1990. "A Reconsideration Of The Harsanyi-Sen Debate On Utilitarianism," UBC Departmental Archives 90-03, UBC Department of Economics.
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