Who's afraid of aggregating money metrics?
Koen Decancq () and
Erwin Ooghe ()
Additional contact information
Koen Decancq: Herman Deleeck Centre for Social Policy, University of Antwerp
Erwin Ooghe: Department of Economics, KU Leuven
Theoretical Economics, Forthcoming
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)
References: View references in EconPapers View complete reference list from CitEc
Citations View citations in EconPapers (2) Track citations by RSS feed
Downloads: (external link)
http://econtheory.org/ojs/index.php/te/article/viewForthcomingFile/2825/18707/1 Working paper version. Paper will be copyedited and typeset before publication. (application/pdf)
Working Paper: Who’s afraid of aggregating money metrics? (2016)
Working Paper: Who's afraid of aggregating money metrics? (2016)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:the:publsh:2825
Access Statistics for this article
Theoretical Economics is currently edited by Simon Board, Thomas Mariotti, Dilip Mookherjee, Giuseppe Moscarini, Ran Spiegler
More articles in Theoretical Economics from Econometric Society
Series data maintained by Martin J. Osborne ().