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Interpersonal Comparisons of Utility: An Algebraic Characterization of Projective Preorders and Some Welfare Consequences

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  • Candeal, Juan Carlos

    ()
    (University of Zaragoza)

  • Induráin, Esteban

    ()
    (Universidad Pública de Navarra)

  • Molina, José Alberto

    ()
    (University of Zaragoza)

Abstract

It is shown that any completely preordered topological real algebra admits a continuous utility representation which is an algebra-homomorphism (i.e., it is linear and multiplicative). As an application of this result, we provide an algebraic characterization of the projective (dictatorial) preorders defined on Rⁿ. We then establish some welfare implications derived from our main result. In particular, the connection with the normative property called independence of the relative utility pace is discussed.

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Bibliographic Info

Paper provided by Institute for the Study of Labor (IZA) in its series IZA Discussion Papers with number 2594.

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Length: 12 pages
Date of creation: Jan 2007
Date of revision:
Handle: RePEc:iza:izadps:dp2594

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Keywords: projective preorders; algebraic utility;

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  1. Moulin,Hervi, 1991. "Axioms of Cooperative Decision Making," Cambridge Books, Cambridge University Press, Cambridge University Press, number 9780521424585.
  2. Candeal, J. C. & Indurain, E., 1995. "Homothetic and weakly homothetic preferences," Journal of Mathematical Economics, Elsevier, vol. 24(2), pages 147-158.
  3. d'Aspremont, Claude & Gevers, Louis, 1977. "Equity and the Informational Basis of Collective Choice," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 44(2), pages 199-209, June.
  4. Trockel, Walter, 1992. "An Alternative Proof for the Linear Utility Representation Theorem," Economic Theory, Springer, Springer, vol. 2(2), pages 298-302, April.
  5. Candeal-Haro, Juan Carlos & Indurain-Eraso, Esteban, 1995. "A Note on Linear Utility," Economic Theory, Springer, Springer, vol. 6(3), pages 519-22, November.
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