Unequal Uncertainties and Uncertain Inequalities: An Axiomatic Approach

Thibault Gajdos () and Eric Maurin
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Thibault Gajdos: CREST - Centre de Recherche en Économie et Statistique - ENSAI - Ecole Nationale de la Statistique et de l'Analyse de l'Information [Bruz] - X - École polytechnique - IP Paris - Institut Polytechnique de Paris - ENSAE Paris - École Nationale de la Statistique et de l'Administration Économique - IP Paris - Institut Polytechnique de Paris - CNRS - Centre National de la Recherche Scientifique, EUREQUA - Equipe Universitaire de Recherche en Economie Quantitative - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique

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Abstract: In this paper, we provide an axiomatic characterization of social welfare functions for uncertain incomes. Our most general result is that a small number of reasonable assumptions regarding welfare orderings under uncertainty rule out pure ex ante as well as pure ex post evaluations. Any social welfare function that satisfies these axioms should lie strictly between the ex ante and the ex post evaluations of income distributions. We also provide an axiomatic characterization of the weighted average of the minimum and the maximum of ex post and the ex ante evaluations.

Keywords: Inequality; Uncertainty; Multiple Priors (search for similar items in EconPapers)
Date: 2004
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00085940v1
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Citations: View citations in EconPapers (49)

Published in Journal of Economic Theory, 2004, 116 (1), pp.93-118. ⟨10.1016/j.jet.2003.07.008⟩

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Related works:
Journal Article: Unequal uncertainties and uncertain inequalities: an axiomatic approach (2004)
Working Paper: Unequal Uncertainties and Uncertain Inequalities: An Axiomatic Approach (2004)
Working Paper: Unequal uncertainties and uncertain inequalities: an axiomatic approach (2003)
Working Paper: Unequal Uncertainties and Uncertain Inequalities: An Axiomatic Approach (2002)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-00085940

DOI: 10.1016/j.jet.2003.07.008

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