Extreme inequality aversion without separability
AbstractHammond (J Econ Theory 11, 465–467, 1975), Meyer (J Econ Theory 11, 119–132, 1975), and Lambert (The distribution and redistribution of income, Manchester University Press, Manchester, 2001) provide the formal result connecting leximin and the idea of extreme inequality aversion for social preferences of the expected utility type. Using an analogous approach, we show that for social preferences not necessarily satisfying the separability axiom that underlies expected utility theory, the case of extreme inequality aversion is covered by the class of weakly maximin social preferences——i.e., the class of social preferences that give priority to the worst off in all cases in which the worst off is not indifferent.
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Bibliographic InfoPaper provided by Katholieke Universiteit Leuven, Centrum voor Economische Studiën, Working Group Public Economics in its series Public Economics Working Paper Series with number extrin.
Length: 6 pages
Date of creation: 2006
Date of revision:
Publication status: Forthcoming in Economic Theory.
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Web page: http://www.econ.kuleuven.ac.be/ew/academic/econover/default.htm
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Other versions of this item:
- 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
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- Meyer, Jack, 1975. "Increasing risk," Journal of Economic Theory, Elsevier, vol. 11(1), pages 119-132, August.
- Kristof Bosmans, 2007.
"Comparing degrees of inequality aversion,"
Social Choice and Welfare,
Springer, vol. 29(3), pages 405-428, October.
- Kristof Bosmans, 2006. "Comparing degrees of inequality aversion," Public Economics Working Paper Series ineqav, Katholieke Universiteit Leuven, Centrum voor Economische Studiën, Working Group Public Economics.
- Kristof Bosmans, 2005. "Comparing degrees of inequality aversion," Center for Economic Studies - Discussion papers ces0517, Katholieke Universiteit Leuven, Centrum voor Economische Studiën.
- Chris Starmer, 2000. "Developments in Non-expected Utility Theory: The Hunt for a Descriptive Theory of Choice under Risk," Journal of Economic Literature, American Economic Association, vol. 38(2), pages 332-382, June.
- Hammond, Peter J., 1975. "A note on extreme inequality aversion," Journal of Economic Theory, Elsevier, vol. 11(3), pages 465-467, December.
- Bosmans Kristof, 2012. "Distribution-sensitivity of rank-dependent poverty measures," Research Memorandum 034, Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR).
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