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Shared Destinies and the Measurement and of Social Risk Equity

  • Thibault Gajdos

    ()

    (CNRS-Centre d'Economie de la Sorbonne, Universit� Paris 1)

  • John A. Weymark

    ()

    (Department of Economics, Vanderbilt University)

  • Claudio Zoli

    ()

    (Dipartimento di Scienze Economiche, Universit� degli Studi di Verona)

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, Operations 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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File URL: http://www.accessecon.com/pubs/VUECON/vu08-w21.pdf
File Function: First version, 2008
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Paper provided by Vanderbilt University Department of Economics in its series Vanderbilt University Department of Economics Working Papers with number 0821.

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Date of creation: Oct 2008
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Handle: RePEc:van:wpaper:0821
Contact details of provider: Web page: http://www.vanderbilt.edu/econ/wparchive/index.html

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  1. Ralph L. Keeney, 1980. "Utility Functions for Equity and Public Risk," Management Science, INFORMS, vol. 26(4), pages 345-353, April.
  2. Peter C. Fishburn & Rakesh K. Sarin, 1991. "Dispersive Equity and Social Risk," Management Science, INFORMS, vol. 37(7), pages 751-769, July.
  3. Antoine Bommier & Stéphane Zuber, 2008. "Can preferences for catastrophe avoidance reconcile social discounting with intergenerational equity?," Social Choice and Welfare, Springer, vol. 31(3), pages 415-434, October.
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