Who's afraid of aggregating money metrics?
Koen Decancq () and
Erwin Ooghe ()
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Erwin Ooghe: Department of Economics, KU Leuven
Theoretical Economics, 2018, vol. 13, issue 2
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 anonymity, continuity, monotonicity, and a version of welfarism, characterizes a standard social welfare function defined over money metric utilities.
Keywords: Money metric utility; transfer principle; efficiency (search for similar items in EconPapers)
JEL-codes: D61 D63 D71 I31 (search for similar items in EconPapers)
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Working Paper: Who’s afraid of aggregating money metrics? (2016)
Working Paper: Who's afraid of aggregating money metrics? (2016)
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Persistent link: https://EconPapers.repec.org/RePEc:the:publsh:2825
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