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This paper analyzes social situations in the context of risk. A new argument is proposed in order to defend the ex-post approach against Diamond’s (1967) famous critique of Harsanyi’s (1955) utilitarian theorem. It leads to a characterization of the criterion consisting in computing the...
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We examine individuals’ distributional orderings in a number of contexts. This is done by using a questionnaire-experiment that is presented to respondents in any one of seven “flavors” or interpretations of the basic distributional problem. The flavors include inequality, risk, social...
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Few papers in the literature on inequality measurement deal with uncertainty, particularly when the ranking of cohorts may not be fixed. We present a set of axioms implying such a class of inequality measures under uncertainty that is a one-parameter extension of the generalized Gini mean over...
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systemic runs for large shocks, but provide insurance against rollover risk for moderate shocks. Insurance operates via loan …
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