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Relative utilitarianism an improved axiomatisation

Author

Listed:
  • DHILLON, Amrita

    (Department of Economics, Warwick University, Coventry CV4 7AL, United Kingdom)

  • MERTENS, Jean-François

    (Center for Operations Research and Econometrics (CORE), Université catholique de Louvain (UCL), Louvain la Neuve, Belgium)

Abstract

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 axiomatisation largely supersedes the one in Dhillon and Mertens (1993).

Suggested Citation

  • DHILLON, Amrita & MERTENS, Jean-François, 1996. "Relative utilitarianism an improved axiomatisation," LIDAM Discussion Papers CORE 1996055, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    • Handle: RePEc:cor:louvco:1996055
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    File URL: https://sites.uclouvain.be/core/publications/coredp/coredp1996.html
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    Citations

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    Cited by:

    1. Dhillon, Amrita & Mertens, Jean-Francois, 1997. "An impossibility theorem with von Neumann-Morgenstern preferences," Economics Letters, Elsevier, vol. 56(3), pages 305-309, November.

    More about this item

    Keywords

    Axiomatisation; Social Choice; Social Welfare Function; Utilitarianism; Welfarism; Arrow’s Impossibility Theorem; Expected Utility;
    All these keywords.

    JEL classification:

    • D70 - Microeconomics - - Analysis of Collective Decision-Making - - - General
    • D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations
    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • C71 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Cooperative Games

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