Interpersonal Comparisons of Utility: An Algebraic Characterization of Projective Preorders and Some Welfare Consequences

Juan Carlos Candeal (), Esteban Induráin () and José Alberto Molina
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Juan Carlos Candeal: University of Zaragoza
Esteban Induráin: Universidad Pública de Navarra

No 2594, IZA Discussion Papers from Institute of Labor Economics (IZA)

Abstract: It is shown that any completely preordered topological real algebra admits a continuous utility representation which is an algebra-homomorphism (i.e., it is linear and multiplicative). As an application of this result, we provide an algebraic characterization of the projective (dictatorial) preorders defined on R?. We then establish some welfare implications derived from our main result. In particular, the connection with the normative property called independence of the relative utility pace is discussed.

Keywords: projective preorders; algebraic utility (search for similar items in EconPapers)
JEL-codes: C60 C65 D60 D63 (search for similar items in EconPapers)
Pages: 12 pages
Date: 2007-01
New Economics Papers: this item is included in nep-upt
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Published - published as 'Numerical representability or ordered topological spaces with compatible algebraic structure' in: Order, 2012, 29, 131-146

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