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Relative Utilitarianism

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  • DHILLON, Amrita
  • MERTENS, Jean-François

    (CORE, Université catholique de Louvain, B-1348 Louvain-la-Neuve, Belgium)

Abstract

In a framework of preferences over lotteries, we show that an axiom system consisting of weakned versions of Arrow’s axioms has a unique solution. “Relative Utilitarianism” consists of first normalizing individual von Neumann-Morgenstern utilities between 0 and 1 and then summing them.

Suggested Citation

  • DHILLON, Amrita & MERTENS, Jean-François, 1993. "Relative Utilitarianism," LIDAM Discussion Papers CORE 1993048, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    • Handle: RePEc:cor:louvco:1993048
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