Relative Utilitarianism

Amrita Dhillon () and Jean-François Mertens

No 1993048, LIDAM Discussion Papers CORE from Université catholique de Louvain, Center for Operations Research and Econometrics (CORE)

Abstract: In a framework of preferences over lotteries, we show that an axiom system consisting of weakned versions of Arrow’s axioms has a unique solution. “Relative Utilitarianism” consists of first normalizing individual von Neumann-Morgenstern utilities between 0 and 1 and then summing them.

Date: 1993-12-01
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Related works:
Journal Article: Relative Utilitarianism (1999)
Working Paper: Relative utilitarianism (1999)
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Persistent link: https://EconPapers.repec.org/RePEc:cor:louvco:1993048

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