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Whos afraid of aggregating money metrics?
Journal Contribution - Journal Article
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 of anonymity, continuity, monotonicity, and a version of welfarism-characterizes a standard social welfare function defined over money metric utilities.
Journal: Theoretical economics
ISSN: 1933-6837
Volume: 13
Pages: 467 - 484
Publication year:2018
Authors:International
- See also: Who’s afraid of aggregating money metrics?