Who's afraid of aggregating money metrics?

Kristof Bosmans, Koen Decancq, Erwin Ooghe

We provide an axiomatic justification to aggregate money metrics. The key axiom requires the approval of richer-to-poorer transfers that preserve the overall efficiency of the distribution. This transfer principle - together with the basic axioms of anonymity, continuity, monotonicity, and a version of welfarism - characterizes a standard social welfare function defined over money metric utilities.

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Year of publication:	May 2018
Authors:	Bosmans, Kristof ; Decancq, Koen ; Ooghe, Erwin
Published in:	Theoretical economics : TE ; an open access journal in economic theory. - Toronto : [Verlag nicht ermittelbar], ISSN 1555-7561, ZDB-ID 2220447-7. - Vol. 13.2018, 2, p. 467-484
Subject:	Money metric utility \| transfer principle \| efficiency \| Nutzen \| Utility \| Effizienz \| Efficiency \| Geld \| Money

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Type of publication:	Article
Type of publication (narrower categories):	Aufsatz in Zeitschrift ; Article in journal
Language:	English
Other identifiers:	10.3982/TE2825 [DOI] hdl:10419/197152 [Handle]
Classification:	D61 - Allocative Efficiency; Cost-Benefit Analysis ; D63 - Equity, Justice, Inequality, and Other Normative Criteria and Measurement ; D71 - Social Choice; Clubs; Committees; Associations ; I31 - General Welfare; Basic Needs; Quality of Life
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10011856642