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Shared destinies and the measurement of social risk equity

  • Thibault Gajdos

    ()

    (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS)

  • John Weymark

    ()

    (VU - Vanderbilt University - Department of Economics)

  • Claudio Zoli

    ()

    (Università degli Studi di Verona - Dipartimento di Scienze Economiche)

The evaluation of social risk equity for alternative probability distributions over the potential sets of fatalities is analyzed axiomatically. Fishburn and Straffin [Equity considerations in public risks valuation, Operatons Research 37 (1999), 229-239] have identified a necessary and sufficient condition for two social risk distributions to be judged to be socially indifferent whenever their associated distributions of risk of death for individuals and for the number of fatalities are the same. It is argued that this approach does not permit society to exhibit any concern for the number of people an individual perishes with. A weakening of the Fishburn-Straffin condition that is compatible with a concern for shared destinies is proposed.

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Paper provided by HAL in its series Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) with number halshs-00344468.

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Date of creation: Oct 2008
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Handle: RePEc:hal:cesptp:halshs-00344468
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