Who's afraid of aggregating money metrics?

• 成果类型: Article
• 署名作者: Bosmans, Kristof; Decancq, Koen; Ooghe, Erwin
• 署名单位: Maastricht University; University of Antwerp; KU Leuven
• 刊物名称: THEORETICAL ECONOMICS
• ISSN/ISSBN: 1555-7561
• DOI: 10.3982/TE2825
• 发表日期: 2018-05-01
• 页码: 467-484
• 关键词: Money metric utility; transfer principle; EFFICIENCY

摘要

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.