Who’s afraid of aggregating money metrics?

Kristof Bosmans, Koen Decancq and Erwin Ooghe ()
Additional contact information
Erwin Ooghe: KU Leuven

No 2016035, LIDAM Discussion Papers CORE from Université catholique de Louvain, Center for Operations Research and Econometrics (CORE)

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 anonimity, 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: 2016-09-18
New Economics Papers: this item is included in nep-upt
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Related works:
Journal Article: Who's afraid of aggregating money metrics? (2018)
Working Paper: Who's afraid of aggregating money metrics? (2016)
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Persistent link: https://EconPapers.repec.org/RePEc:cor:louvco:2016035

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