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Extended Paretian Rules and Relative Utilitarianism

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  • DHILLON , Amrita

    (Departamento de Economia, Universidad Carlos III de Madrid)

Abstract

This paper introduces the "Extended Pareto" axiom on Social Welfare Functions and gives a characterization of the axiom when it is assumed that the Social Welfare Functions that satisfy it in a framework of preferences over lotteries also satisfy the restrictions (on the domain and range of preferences) implied by the von-Neumann Morgenstern axioms. With the addition of 2 other axioms: "Anonymity" and a weak version of Arrow's Independence of Irrelevant Alternatives axiom: "Weak IIA" it is shown that there is a unique Social Welfare Function called "Relative Utilitarianism" that consists of normalising individual utilities between 0 and 1 and adding them.

Suggested Citation

  • DHILLON , Amrita, 1995. "Extended Paretian Rules and Relative Utilitarianism," LIDAM Discussion Papers CORE 1995052, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    • Handle: RePEc:cor:louvco:1995052
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    File URL: https://sites.uclouvain.be/core/publications/coredp/coredp1995.html
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    JEL classification:

    • D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations

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