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Ordering, equity and non-expected utility theory

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  • SAVAGLIO, Ernesto

Abstract

According to Chateauneuf (1996), we compare some inequality criteria. We investigate their properties and characteristics. Then, following the approach that links different levels of deprivation with alternative values of social welfare, we look for a functional that evaluates the well-being of individuals with respect to their relative position in the distribution. After having criticized the approach to evaluate the social welfare using the expected utility theory or the rank dependent one respectively under a descriptive and normative point of view, we introduce an additive subjective utility functional in order to search the behavioral foundations of an equity concerned decision-maker.

Suggested Citation

  • SAVAGLIO, Ernesto, 2002. "Ordering, equity and non-expected utility theory," CORE Discussion Papers 2002007, Universit√© catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  • Handle: RePEc:cor:louvco:2002007
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    File URL: https://uclouvain.be/en/research-institutes/immaq/core/dp-2002.html
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    More about this item

    Keywords

    inequality; orderings; social welfare; non-expected utility;

    JEL classification:

    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being

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