IDEAS home Printed from https://ideas.repec.org/a/spr/joecth/v32y2007i3p589-594.html
   My bibliography  Save this article

Extreme inequality aversion without separability

Author

Listed:
  • Kristof Bosmans

Abstract

Hammond (J Econ Theory 11, 465–467, 1975), Meyer (J Econ Theory 11, 119–132, 1975), and Lambert (The distribution and redistribution of income, Manchester University Press, Manchester, 2001) provide the formal result connecting leximin and the idea of extreme inequality aversion for social preferences of the expected utility type. Using an analogous approach, we show that for social preferences not necessarily satisfying the separability axiom that underlies expected utility theory, the case of extreme inequality aversion is covered by the class of weakly maximin social preferences——i.e., the class of social preferences that give priority to the worst off in all cases in which the worst off is not indifferent.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Kristof Bosmans, 2007. "Extreme inequality aversion without separability," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 32(3), pages 589-594, September.
    • Handle: RePEc:spr:joecth:v:32:y:2007:i:3:p:589-594
    DOI: 10.1007/s00199-006-0136-0
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1007/s00199-006-0136-0
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1007/s00199-006-0136-0?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to look for a different version below or search for a different version of it.

    Other versions of this item:

    References listed on IDEAS

    as
    1. Chris Starmer, 2000. "Developments in Non-expected Utility Theory: The Hunt for a Descriptive Theory of Choice under Risk," Journal of Economic Literature, American Economic Association, vol. 38(2), pages 332-382, June.
    2. Kristof Bosmans, 2007. "Comparing degrees of inequality aversion," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 29(3), pages 405-428, October.
    3. Meyer, Jack, 1975. "Increasing risk," Journal of Economic Theory, Elsevier, vol. 11(1), pages 119-132, August.
    4. Hammond, Peter J., 1975. "A note on extreme inequality aversion," Journal of Economic Theory, Elsevier, vol. 11(3), pages 465-467, December.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Bosmans, Kristof, 2014. "Distribution-sensitivity of rank-dependent poverty measures," Journal of Mathematical Economics, Elsevier, vol. 51(C), pages 69-76.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Bart Capéau, 2013. "Size and distribution trade-offs for the leximin ordering," The Journal of Economic Inequality, Springer;Society for the Study of Economic Inequality, vol. 11(2), pages 237-248, June.
    2. Bart Capéau & Alain Babatoundé & Romain Houssa, 2023. "Welfare Effects of Indirect Tax Policies in West Africa," Working Papers ECARES 2023-019, ULB -- Universite Libre de Bruxelles.
    3. Bosmans, Kristof, 2014. "Distribution-sensitivity of rank-dependent poverty measures," Journal of Mathematical Economics, Elsevier, vol. 51(C), pages 69-76.
    4. van den Bergh, J.C.J.M. & Botzen, W.J.W., 2015. "Monetary valuation of the social cost of CO2 emissions: A critical survey," Ecological Economics, Elsevier, vol. 114(C), pages 33-46.
    5. Breaban, Adriana & van de Kuilen, Gijs & Noussair, Charles, 2016. "Prudence, Personality, Cognitive Ability and Emotional State," Other publications TiSEM 9a01a5ab-e03d-49eb-9cd7-4, Tilburg University, School of Economics and Management.
    6. Francesco GUALA, 2017. "Preferences: Neither Behavioural nor Mental," Departmental Working Papers 2017-05, Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano.
    7. Filiz-Ozbay, Emel & Guryan, Jonathan & Hyndman, Kyle & Kearney, Melissa & Ozbay, Erkut Y., 2015. "Do lottery payments induce savings behavior? Evidence from the lab," Journal of Public Economics, Elsevier, vol. 126(C), pages 1-24.
    8. Roos, Michael W. M., 2015. "The macroeconomics of radical uncertainty," Ruhr Economic Papers 592, RWI - Leibniz-Institut für Wirtschaftsforschung, Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen.
    9. H Zank, 2004. "Deriving Rank-Dependent Expected Utility Through Probabilistic Consistency," Economics Discussion Paper Series 0409, Economics, The University of Manchester.
    10. Lex Borghans & Angela Lee Duckworth & James J. Heckman & Bas ter Weel, 2008. "The Economics and Psychology of Personality Traits," Journal of Human Resources, University of Wisconsin Press, vol. 43(4).
    11. Dagsvik, John K., 2015. "Stochastic models for risky choices: A comparison of different axiomatizations," Journal of Mathematical Economics, Elsevier, vol. 60(C), pages 81-88.
    12. Simone Cerreia‐Vioglio & David Dillenberger & Pietro Ortoleva, 2015. "Cautious Expected Utility and the Certainty Effect," Econometrica, Econometric Society, vol. 83, pages 693-728, March.
    13. Steffen Huck & Wieland Müller, 2012. "Allais for all: Revisiting the paradox in a large representative sample," Journal of Risk and Uncertainty, Springer, vol. 44(3), pages 261-293, June.
    14. Chua, Jess H. & Chrisman, James J. & De Massis, Alfredo & Wang, Hao, 2018. "Reflections on family firm goals and the assessment of performance," Journal of Family Business Strategy, Elsevier, vol. 9(2), pages 107-113.
    15. Foster, Gigi & Frijters, Paul & Schaffner, Markus & Torgler, Benno, 2018. "Expectation formation in an evolving game of uncertainty: New experimental evidence," Journal of Economic Behavior & Organization, Elsevier, vol. 154(C), pages 379-405.
    16. John B. Davis, 2013. "Identity," Chapters, in: Luigino Bruni & Stefano Zamagni (ed.), Handbook on the Economics of Reciprocity and Social Enterprise, chapter 19, pages 201-207, Edward Elgar Publishing.
    17. Bocqueho, Geraldine & Jacquet, Florence & Reynaud, Arnaud, 2011. "Expected Utility or Prospect Theory Maximizers? Results from a Structural Model based on Field-experiment Data," 2011 International Congress, August 30-September 2, 2011, Zurich, Switzerland 114257, European Association of Agricultural Economists.
    18. Luís Santos-Pinto & Adrian Bruhin & José Mata & Thomas Åstebro, 2015. "Detecting heterogeneous risk attitudes with mixed gambles," Theory and Decision, Springer, vol. 79(4), pages 573-600, December.
    19. Chetan Dave & Catherine Eckel & Cathleen Johnson & Christian Rojas, 2010. "Eliciting risk preferences: When is simple better?," Journal of Risk and Uncertainty, Springer, vol. 41(3), pages 219-243, December.
    20. Andersen, Steffen & Harrison, Glenn W. & Lau, Morten Igel & Rutström, Elisabet E., 2014. "Dual criteria decisions," Journal of Economic Psychology, Elsevier, vol. 41(C), pages 101-113.
      • Andersen, Steffen & Harrison, Glenn W. & Lau, Morten Igel & Rutström, Elisabet, 2009. "Dual Criteria Decisions," Working Papers 02-2009, Copenhagen Business School, Department of Economics.

    More about this item

    Keywords

    Inequality aversion; Leximin; Maximin; Risk aversion; D63; D81;
    All these keywords.

    JEL classification:

    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spr:joecth:v:32:y:2007:i:3:p:589-594. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.