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Equally-distributed equivalent utility, ex post egalitarianism and utilitarianism

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Grant, Simon, Kajii, Atsushi, Polak, Ben and Safra, Zvi (2012) Equally-distributed equivalent utility, ex post egalitarianism and utilitarianism. Journal of Economic Theory, 147 (4). pp. 1545-1571. doi:10.1016/j.jet.2011.04.001

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Official URL: http://dx.doi.org/10.1016/j.jet.2011.04.001

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Abstract

We provide an axiomatization of expected equally-distributed equivalent-utility social welfare functions in the context of Harsanyiʼs impartial observer theorem. For this family of social welfare functions, we show what additional axiom is necessary and sufficient for the observer to exhibit aversion to ex post inequality. We also relate this axiomatization to our axiomatization in a companion paper of generalized utilitarian social welfare functions. Given certain richness assumptions, the only social welfare functions that belong to both families are the utilitarian.

Item Type: Journal Article
Divisions: Faculty of Social Sciences > Warwick Business School
Journal or Publication Title: Journal of Economic Theory
Publisher: Academic Press
ISSN: 0022-0531
Official Date: July 2012
Dates:
DateEvent
July 2012Published
Volume: 147
Number: 4
Page Range: pp. 1545-1571
DOI: 10.1016/j.jet.2011.04.001
Status: Peer Reviewed
Publication Status: Published
Access rights to Published version: Restricted or Subscription Access

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