Who’s afraid of aggregating money metrics?
Koen Decancq () and
Erwin Ooghe ()
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Erwin Ooghe: KU Leuven
No 2016035, CORE Discussion Papers from Université catholique de Louvain, Center for Operations Research and Econometrics (CORE)
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)
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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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