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Shared destinies and the measurement of social risk equity

Author

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  • Thibault Gajdos

    (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)

  • John Weymark

    (Vanderbilt University [Nashville])

  • Claudio Zoli

    (UNIVR - Università degli studi di Verona = University of Verona)

Abstract

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.

Suggested Citation

  • Thibault Gajdos & John Weymark & Claudio Zoli, 2008. "Shared destinies and the measurement of social risk equity," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00344468, HAL.
    • Handle: RePEc:hal:cesptp:halshs-00344468
    Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00344468
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    2. Carole Bernard & Christoph M. Rheinberger & Nicolas Treich, 2018. "Catastrophe Aversion and Risk Equity in an Interdependent World," Management Science, INFORMS, vol. 64(10), pages 4490-4504, October.
    3. Qu, Xiangyu, 2022. "On the measurement of opportunity-dependent inequality under uncertainty," Journal of Mathematical Economics, Elsevier, vol. 101(C).
    4. Ingrid T. Rohde & Kirsten M. Rohde, 2015. "Managing social risks – tradeoffs between risks and inequalities," Journal of Risk and Uncertainty, Springer, vol. 51(2), pages 103-124, October.
    5. Robin Chark & Soo Chew, 2015. "A neuroimaging study of preference for strategic uncertainty," Journal of Risk and Uncertainty, Springer, vol. 50(3), pages 209-227, June.
    6. Louis Anthony (Tony) Cox, Jr., 2012. "Community Resilience and Decision Theory Challenges for Catastrophic Events," Risk Analysis, John Wiley & Sons, vol. 32(11), pages 1919-1934, November.
    7. Chew, Soo Hong & Sagi, Jacob S., 2012. "An inequality measure for stochastic allocations," Journal of Economic Theory, Elsevier, vol. 147(4), pages 1517-1544.
    8. Louis Anthony (Tony) Cox, 2012. "Why Income Inequality Indexes Do Not Apply to Health Risks," Risk Analysis, John Wiley & Sons, vol. 32(2), pages 192-196, February.
    9. Adler, Matthew D. & Hammitt, James K. & Treich, Nicolas, 2014. "The social value of mortality risk reduction: VSL versus the social welfare function approach," Journal of Health Economics, Elsevier, vol. 35(C), pages 82-93.
    10. Ingrid M.T. Rohde & Kirsten I.M. Rohde, 2012. "Risk and Inequality in a Social Decision Making Experiment," Tinbergen Institute Discussion Papers 12-045/1, Tinbergen Institute.
    11. Christoph M. Rheinberger & Nicolas Treich, 2017. "Attitudes Toward Catastrophe," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 67(3), pages 609-636, July.

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    Keywords

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    JEL classification:

    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • H43 - Public Economics - - Publicly Provided Goods - - - Project Evaluation; Social Discount Rate

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