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On the Measurement of Inequality under Uncertainty

Author

Listed:
  • Itzhak Gilboa

    () (Northwestern University [Evanston])

  • Elchanan Ben-Porath

    (Northwestern University [Evanston], Tel Aviv University [Tel Aviv])

  • David Schmeidler

    (Tel Aviv University [Tel Aviv], OSU - Ohio State University [Columbus])

Abstract

To take into account both ex ante and ex post inequality considerations, one has to deal with inequality and uncertainty simultaneously. Under certainty, much of the literature has focused on "comonotonically linear" indices: functionals that are linear on cones of income profiles that agree on the social ranking of the individuals. This family generalizes both the Gini index and the egalitarian index(minimal income). However, it does not include functionals such as the average of expected-Gini and Gini-of-expectation. In contrast, the family of min-of-means functionals is rich enough for this purpose.

Suggested Citation

  • Itzhak Gilboa & Elchanan Ben-Porath & David Schmeidler, 1997. "On the Measurement of Inequality under Uncertainty," Post-Print hal-00481334, HAL.
    • Handle: RePEc:hal:journl:hal-00481334
    DOI: 10.1006/jeth.1997.2280
    Note: View the original document on HAL open archive server: https://hal-hec.archives-ouvertes.fr/hal-00481334
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    References listed on IDEAS

    as
    1. Yaari, Menahem E, 1987. "The Dual Theory of Choice under Risk," Econometrica, Econometric Society, vol. 55(1), pages 95-115, January.
    2. Peter A. Diamond, 1967. "Cardinal Welfare, Individualistic Ethics, and Interpersonal Comparison of Utility: Comment," Journal of Political Economy, University of Chicago Press, vol. 75, pages 765-765.
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    8. Weymark, John A., 1981. "Generalized gini inequality indices," Mathematical Social Sciences, Elsevier, vol. 1(4), pages 409-430, August.
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    Keywords

    Microeconomics; welfare economics;

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