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Who's afraid of aggregating money metrics?

Kristof Bosmans, 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

Abstract: 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)
Date: 2017-09-06
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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)

Related works:
Working Paper: Who’s afraid of aggregating money metrics? (2016) Downloads
Working Paper: Who's afraid of aggregating money metrics? (2016) Downloads
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