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Relative utilitarianism

Author

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  • DHILLON, Amrita
  • MERTENS, Jean-François

Abstract

In a framework of preferences over lotteries, we show that an axiom system consisting of weakned versions of Arrow’s axioms has a unique solution. “Relative Utilitarianism” consists of first normalizing individual von Neumann-Morgenstern utilities between 0 and 1 and then summing them.
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Suggested Citation

  • DHILLON, Amrita & MERTENS, Jean-François, 1999. "Relative utilitarianism," LIDAM Reprints CORE 1398, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    • Handle: RePEc:cor:louvrp:1398
    DOI: 10.1111/1468-0262.00033
    Note: In : Econometrica, 67(3), 417-498, 1999
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