On the Welfare Evaluation of Income and Opportunity

Antonio Villar

The B.E. Journal of Theoretical Economics, 2005, vol. 5, issue 1, 21

Abstract: This paper provides an axiomatization of a cardinal welfare measure for the evaluation of income and opportunity. Following Roemer's (1998) formulation of equality of opportunity, we divide the society in n effort groups consisting of subsets of agents who exert a comparable degree of effort. We show that social welfare can be measured as the sum of n partial indices, one for each effort group, each of which consists of a function of the aggregate income of the group and its dispersion (measured by Theil's first inequality index).

Keywords: Income and Opportunity; cardinal welfare measures; Theil inequality index (search for similar items in EconPapers)
Date: 2005
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Citations: View citations in EconPapers (15)

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DOI: 10.2202/1534-5971.1129

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