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
Hauptverfasser: Bosmans, Kristof, Decancq, Koen, Ooghe, Erwin
Format: Artikel
Sprache:eng
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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.
ISSN:1555-7561
1933-6837
1555-7561
DOI:10.3982/TE2825