DHILLON, Amrita; MERTENS, Jean-François - Center for Operations Research and Econometrics (CORE), … - 1996
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 normalising individual von Neumann-Morgenstern utilities between 0 and 1 and then summing them. This...