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Welfare economics, risk and uncertainty

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  • Marc Fleurbaey

Abstract

Social decisions in risky contexts raise a number of difficult questions, such as: (1) Should social decisions be more or less risk averse than the average person? (2) Should we try to avoid large catastrophes more than frequent but limited harms with similar expected impact? (3) Should social decisions be ambiguity averse or stick to the expected utility canon? This paper reviews the welfare economics of risk and uncertainty and examines possible answers to these questions, based on the pros and cons of utilitarianism, ex ante egalitarianism and ex post egalitarianism. La décision sociale dans le risque soulève un certain nombre de questions difficiles, telles que: (1) Les décisions pour la société doivent‐elles être plus ou moins averses au risque qu'une personne moyenne de la population? (2) Faut‐il essayer d'éviter les grandes catastrophes ou plutôt les petits événements fréquents, à niveau égal d'espérance de dommage? (3) Les décisions pour la société doivent‐elles être averses à l'ambiguïté, ou rester dans l'orthodoxie de l'espérance d'utilité? Cet article fait une recension de l'économie du bien‐être dans le risque et l'incertitude, et examine les réponses possibles à ces questions, sur la base des arguments pour et contre l'utilitarisme, l'égalitarisme ex ante, et l'égalitarisme ex post.

Suggested Citation

  • Marc Fleurbaey, 2018. "Welfare economics, risk and uncertainty," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 51(1), pages 5-40, February.
  • Handle: RePEc:wly:canjec:v:51:y:2018:i:1:p:5-40
    DOI: 10.1111/caje.12314
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    10. Fillon, Romain & Guivarch, Céline & Taconet, Nicolas, 2023. "Optimal climate policy under tipping risk and temporal risk aversion," Journal of Environmental Economics and Management, Elsevier, vol. 121(C).
    11. McCarthy, David & Mikkola, Kalle & Thomas, Teruji, 2016. "Utilitarianism with and without expected utility," MPRA Paper 72578, University Library of Munich, Germany.
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    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement

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