Robust normative comparisons of socially risky situations

Nicolas Gravel () and Benoît Tarroux

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Abstract: In this paper, we theoretically characterize robust empirically implementable normative criteria for evaluating socially risky situations. Socially risky situations are modeled as distributions, among individuals, of lotteries on a finite set of state-contingent pecuniary consequences. Individuals are assumed to have selfish Von Neumann-Morgenstern preferences for these socially risky situations. We provide empirically implementable criteria that coincide with the unanimity, over a reasonably large class of such individual preferences, of anonymous and Pareto-inclusive Von Neuman Morgenstern social rankings of risks. The implementable criteria can be interpreted as sequential expected poverty dominance.An illustration of the usefulness of the criteria for comparing the exposure to unemployment risk of different segments of the French and US workforce is also provided.

Keywords: dominance; risk; Social welfare; unemployment; expected poverty (search for similar items in EconPapers)
Date: 2015-02
New Economics Papers: this item is included in nep-ltv and nep-rmg
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Published in Social Choice and Welfare, 2015, 44 (2), pp.257-282. ⟨10.1007/s00355-014-0833-8⟩

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Related works:
Journal Article: Robust normative comparisons of socially risky situations (2015)
Working Paper: Robust normative comparisons of socially risky situations (2015)
Working Paper: Robust Normative Comparisons of Socially Risky Situations (2008)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-01057024

DOI: 10.1007/s00355-014-0833-8

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