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Title
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Whos afraid of aggregating money metrics?
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Author
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Abstract
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| 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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Language
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English
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Source (journal)
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Theoretical economics / Econometric Society; Society for Economic Theory. - Los Angeles, Calif., 2006, currens
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Publication
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Los Angeles, Calif.
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Society for Economic Theory
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2018
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ISSN
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1933-6837
[print]
1555-7561
[online]
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DOI
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10.3982/TE2825
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Volume/pages
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13
:2
(2018)
, p. 467-484
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ISI
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000433509600001
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Full text (Publisher's DOI)
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Full text (open access)
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