Relative utilitarianism

Dhillon, A;Mertens, Jean-François
(1999) Econometrica — Vol. 67, n° 3, p. 471-498 (1999)

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Authors
  • Dhillon, A
    Author
  • Mertens, Jean-FrançoisUCLouvain
    Author
Abstract
In a framework of preferences over lotteries, we show that an axiom system consisting of weakened versions of Arrow's axioms has a unique solution. "Relative Utilitarianism" consists of first normalizing individual von Neumann-Morgenstern utilities between 0 and 1 and then summing them.
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Dhillon, A., & Mertens, J.-F. (1999). Relative utilitarianism. Econometrica, 67(3), 471-498. https://doi.org/10.1111/1468-0262.00033 (Original work published 1999)