Relative utilitarianism an improved axiomatisation
In a framework of preferences over lotteries, we show that an axiom system consisting of weakened versions of Arrow's axioms has a unique solution. "Relative Utilitarianism" consists of first normalising individual von Neumann-Morgenstern utilities between 0 and 1 and then summing them. This axiomatisation largely supersedes the one in Dhillon and Mertens (1993).
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