UNSPECIFIED (1999) Relative utilitarianism. ECONOMETRICA, 67 (3). pp. 471-498. ISSN 0012-9682

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Abstract

In a framework of preferences over lotteries, we show that an axiom system consisting of weakened versions of Arrow's axioms has a unique solution. "Relative Utilitarianism" consists of first normalizing individual von Neumann-Morgenstern utilities between 0 and 1 and then summing them.

Item Type:	Journal Article
Subjects:	H Social Sciences > HC Economic History and Conditions Q Science > QA Mathematics H Social Sciences
Journal or Publication Title:	ECONOMETRICA
Publisher:	BLACKWELL PUBL LTD
ISSN:	0012-9682
Date:	May 1999
Volume:	67
Number:	3
Number of Pages:	28
Page Range:	pp. 471-498
Publication Status:	Published
URI:	http://wrap.warwick.ac.uk/id/eprint/14600

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