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Relative utilitarianism an improved axiomatisation

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Author Info

  • DHILLON, Amrita

    () (Department of Economics, Warwick University, Coventry CV4 7AL, United Kingdom)

  • MERTENS, Jean-François

    () (Center for Operations Research and Econometrics (CORE), Université catholique de Louvain (UCL), Louvain la Neuve, Belgium)

Abstract

In a framework of preferences over lotteries, we show that an axiom system consisting of weakened versions of Arrow's axioms has a unique solution. "Relative Utilitarianism" consists of first normalising individual von Neumann-Morgenstern utilities between 0 and 1 and then summing them. This axiomatisation largely supersedes the one in Dhillon and Mertens (1993).

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Bibliographic Info

Paper provided by Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) in its series CORE Discussion Papers with number 1996055.

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Date of creation: 07 Nov 1996
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Handle: RePEc:cor:louvco:1996055

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Related research

Keywords: Axiomatisation; Social Choice; Social Welfare Function; Utilitarianism; Welfarism; Arrow’s Impossibility Theorem; Expected Utility;

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Cited by:
  1. Dhillon, Amrita & Mertens, Jean-Francois, 1997. "An impossibility theorem with von Neumann-Morgenstern preferences," Economics Letters, Elsevier, vol. 56(3), pages 305-309, November.

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