Abstract
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.
| Original language | English |
|---|---|
| Pages (from-to) | 467-484 |
| Number of pages | 18 |
| Journal | Theoretical Economics |
| Volume | 13 |
| Issue number | 2 |
| DOIs | |
| Publication status | Published - May 2018 |
Keywords
- Money metric utility
- transfer principle
- efficiency
- WELFARE ANALYSIS
- SOCIAL-WELFARE
- DEMAND THEORY
- TAX REFORMS
- UTILITARIANISM
- EGALITARIAN
- UTILITY