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Robust Normative Comparisons of Socially Risky Situations

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Author Info
Nicolas Gravel () (Greqam-Idep, University of the Mediterranean)
Benoit Tarroux ()

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Abstract

In this paper, we characterize and empirically implement robust normative criteria for comparing societies on the basis of their allocations of risks among their members. Risks are modelled as lotteries on the set of distributions of state-contingent pecuniary consequences. Individuals are assumed to have individualistic Von Neuman-Morgenstern preferences for these risks. Appealing to Harsanyi.s aggregation theorem, we provide empirically implementable criteria that coincide with the unanimity, over all such individual preferences, of anonymous and Pareto-inclusive Von NeumanMorgenstern social rankings of risks. The empirically implementable criteria can be interpreted as sequential expected poverty dominance. Illustrations of the usefulness of the criteria for comparing the exposure to unemployment risk of different segments of the French and US workforce and for appraising the evolution, over time, of risks of violent crimes in India are also provided.

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Publisher Info
Paper provided by Institut d'economie publique (IDEP), Marseille, France in its series IDEP Working Papers with number 0806.

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Length: 39
Date of creation: 15 Oct 2008
Date of revision: 15 Oct 2008
Handle: RePEc:iep:wpidep:0806

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Related research
Keywords: Risk; Dominance; ex-ante Social Welfare; Expected Poverty; Unemployment; Crime.;

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Find related papers by JEL classification:
C81 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Microeconomic Data
D3 - Microeconomics - - Distribution
D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
I32 - Health, Education, and Welfare - - Welfare and Poverty - - - Measurement and Analysis of Poverty
J63 - Labor and Demographic Economics - - Mobility, Unemployment, and Vacancies - - - Turnover; Vacancies; Layoffs
J64 - Labor and Demographic Economics - - Mobility, Unemployment, and Vacancies - - - Unemployment: Models, Duration, Incidence, and Job Search

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  2. Nicolas Gravel & Abhiroop Mukhopadhyays, 2007. "Is India Better off Today than 15 Years ago? A Robust Multidimensional Answer," IDEP Working Papers 0704, Institut d'economie publique (IDEP), Marseille, France, revised 18 May 2007. [Downloadable!]
    Other versions:
  3. Heckman, James J, 1979. "Sample Selection Bias as a Specification Error," Econometrica, Econometric Society, vol. 47(1), pages 153-61, January. [Downloadable!] (restricted)
  4. Givord, Pauline & Maurin, Eric, 2004. "Changes in job security and their causes: An empirical analysis for France, 1982-2002," European Economic Review, Elsevier, vol. 48(3), pages 595-615, June. [Downloadable!] (restricted)
    Other versions:
  5. Kolm, Serge-Christophe, 1977. "Multidimensional Egalitarianisms," The Quarterly Journal of Economics, MIT Press, vol. 91(1), pages 1-13, February. [Downloadable!] (restricted)
  6. Gottschalk, Peter & Moffitt, Robert, 1999. "Changes in Job Instability and Insecurity Using Monthly Survey Data," Journal of Labor Economics, University of Chicago Press, vol. 17(4), pages S91-126, October. [Downloadable!] (restricted)
  7. NICOLAS GRAVEL & PATRICK MOYES & BENOÎT TARROUX, 2009. "Robust International Comparisons of Distributions of Disposable Income and Regional Public Goods," Economica, London School of Economics and Political Science, vol. 76(303), pages 432-461, 07. [Downloadable!] (restricted)
  8. Jenkins, Stephen P & Lambert, Peter J, 1993. "Ranking Income Distributions When Needs Differ," Review of Income and Wealth, Blackwell Publishing, vol. 39(4), pages 337-56, December.
  9. John C. Harsanyi, 1955. "Cardinal Welfare, Individualistic Ethics, and Interpersonal Comparisons of Utility," Journal of Political Economy, University of Chicago Press, vol. 63, pages 309. [Downloadable!] (restricted)
  10. Russell Davidson & Jean-Yves Duclos, 2000. "Statistical Inference for Stochastic Dominance and for the Measurement of Poverty and Inequality," Econometrica, Econometric Society, vol. 68(6), pages 1435-1464, November.
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  11. Jakobsson, Ulf, 1976. "On the measurement of the degree of progression," Journal of Public Economics, Elsevier, vol. 5(1-2), pages 161-168. [Downloadable!] (restricted)
  12. Jean-Yves Duclos & David E. Sahn & Stephen D. Younger, 2006. "Robust Multidimensional Poverty Comparisons," Economic Journal, Royal Economic Society, vol. 116(514), pages 943-968, October. [Downloadable!] (restricted)
    Other versions:
  13. Clark, Andrew E & Oswald, Andrew J, 1994. "Unhappiness and Unemployment," Economic Journal, Royal Economic Society, vol. 104(424), pages 648-59, May. [Downloadable!] (restricted)
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