Inequality, Welfare and Monotonicity

Yoram Amiel and Frank Alan Cowell ()

STICERD - Distributional Analysis Research Programme Papers from Suntory and Toyota International Centres for Economics and Related Disciplines, LSE

Abstract: We establish a general relationship between the standard form of the individualistic social-welfare function and the ?reduced-form? version that is expressed in terms of inequality and mean income. This shows the relationship between the property of monotonicity and the slope of the equity-efficiency trade-off. Particularly simple results are available for a large class of inequality measures that includes the Gini. These results do not require differentiability of the social welfare function.

Keywords: Inequality; social welfare monotonicity (search for similar items in EconPapers)
Date: Written
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Persistent link: http://EconPapers.repec.org/RePEc:cep:stidar:29

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