Who's afraid of aggregating money metrics?
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...
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Veröffentlicht in: | Theoretical economics 2018-05, Vol.13 (2), p.467-484 |
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Hauptverfasser: | , , |
Format: | Artikel |
Sprache: | eng |
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Online-Zugang: | Volltext |
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Zusammenfassung: | 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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ISSN: | 1555-7561 1933-6837 1555-7561 |
DOI: | 10.3982/TE2825 |