Equity Axioms for Public Risks

Peter C. Fishburn
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Peter C. Fishburn: AT&T Bell Laboratories, Murray Hill, New Jersey

Operations Research, 1984, vol. 32, issue 4, 901-908

Abstract: From the perspective of a two-person society, we explain and analyze six axioms for equity among individuals who are exposed to the possibility of death from a public hazard. The axioms are concerned with how a given total risk (expected fatalities) is distributed over the four possible life/death consequences for the two people. Maximal subsets of mutually compatible equity axioms are identified first for a monotonic ordinal utility function and then for a more restrictive von Neumann-Morgenstern utility function.

Keywords: 851; preference; for; social; risk; options (search for similar items in EconPapers)
Date: 1984
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Citations: View citations in EconPapers (20)

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Persistent link: https://EconPapers.repec.org/RePEc:inm:oropre:v:32:y:1984:i:4:p:901-908

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