Tricks for maximizing collective utility functions

Elisa Pagani ()

No 02/2013, Working Papers from University of Verona, Department of Economics

Abstract: This paper compares di erent centralized collective models for maximizing the utility of a household from the point of view of the single members that compose it. We describe the collective maximization program as a vector optimization problem and analyze the household welfare and Pareto speci cation as special scalar cases. The comparisons of these programs reveals interesting relationships among the Lagrangian multiplier and the sharing rule parameters. We also generalize a multiobjective dual problem that leads to the characterization of the individual shares of total income. Hence, we have a measure of the distribution of wealth inside the household.

Keywords: Collective Household Model; Vector Optimization Problems; Scalarization; Vector Duality. (search for similar items in EconPapers)
JEL-codes: C30 C61 D11 D13 (search for similar items in EconPapers)
Date: 2013-01
New Economics Papers: this item is included in nep-upt
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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