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Relative utilitarianism
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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 | ||||
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Subjects: | H Social Sciences > HC Economic History and Conditions Q Science > QA Mathematics H Social Sciences |
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Journal or Publication Title: | ECONOMETRICA | ||||
Publisher: | BLACKWELL PUBL LTD | ||||
ISSN: | 0012-9682 | ||||
Official Date: | May 1999 | ||||
Dates: |
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Volume: | 67 | ||||
Number: | 3 | ||||
Number of Pages: | 28 | ||||
Page Range: | pp. 471-498 | ||||
Publication Status: | Published |
Data sourced from Thomson Reuters' Web of Knowledge
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