Who's afraid of aggregating money metrics?

Artikel

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.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Journal: Theoretical Economics ; ISSN: 1555-7561 ; Volume: 13 ; Year: 2018 ; Issue: 2 ; Pages: 467-484 ; New Haven, CT: The Econometric Society

Classification and Topics

• Classification: Wirtschaft ; Allocative Efficiency; Cost-Benefit Analysis ; Equity, Justice, Inequality, and Other Normative Criteria and Measurement ; Social Choice; Clubs; Committees; Associations ; General Welfare; Well-Being
• Subject: Money metric utility ; transfer principle ; efficiency

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Bosmans, Kristof ; Decancq, Koen ; Ooghe, Erwin
• Event: Veröffentlichung
• (who): The Econometric Society
• (where): New Haven, CT
• (when): 2018

Further information

• DOI: doi:10.3982/TE2825
• Handle: http://hdl.handle.net/10419/197152
• Last update: 10.03.2025, 11:44 AM CET