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Alternative derivation of the leximin principle

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  • Mori, Osamu

Abstract

This note provides an alternative derivation of the leximin principle using the framework of Harsanyi’s (1953) equi-probability model. We demonstrate that the leximin principle is concluded if and only if the preference ordering of the impartial observer obeys strong monotonicity and complete risk aversion.

Suggested Citation

  • Mori, Osamu, 2014. "Alternative derivation of the leximin principle," Economics Letters, Elsevier, vol. 124(1), pages 157-159.
  • Handle: RePEc:eee:ecolet:v:124:y:2014:i:1:p:157-159 DOI: 10.1016/j.econlet.2014.05.004
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    References listed on IDEAS

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    1. Chambers, Christopher P., 2012. "Inequality aversion and risk aversion," Journal of Economic Theory, Elsevier, pages 1642-1651.
    2. Marco Mariotti & Roberto Veneziani, 2009. "‘Non-interference’ implies equality," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 32(1), pages 123-128, January.
    3. Hammond, Peter J, 1976. "Equity, Arrow's Conditions, and Rawls' Difference Principle," Econometrica, Econometric Society, vol. 44(4), pages 793-804, July.
    4. Claude D'Aspremont & Louis Gevers, 1977. "Equity and the Informational Basis of Collective Choice," Review of Economic Studies, Oxford University Press, vol. 44(2), pages 199-209.
    5. Mas-Colell, Andreu & Whinston, Michael D. & Green, Jerry R., 1995. "Microeconomic Theory," OUP Catalogue, Oxford University Press, number 9780195102680.
    6. John C. Harsanyi, 1953. "Cardinal Utility in Welfare Economics and in the Theory of Risk-taking," Journal of Political Economy, University of Chicago Press, vol. 61, pages 434-434.
    7. John C. Harsanyi, 1955. "Cardinal Welfare, Individualistic Ethics, and Interpersonal Comparisons of Utility," Journal of Political Economy, University of Chicago Press, vol. 63, pages 309-309.
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    More about this item

    Keywords

    Leximin; Observer; Lottery; Risk aversion;

    JEL classification:

    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty

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