Who's Afraid of Aggregating Money Metrics ?

Bosmans, Kristof;Decancq, Koen;Ooghe, Erwin
(2016) , 20 pages

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Authors
  • Bosmans, KristofMaastricht University
    Author
  • Decancq, KoenUCLouvain
    Author
  • Ooghe, ErwinKUL
    Author
Abstract
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 anonimity, continuity, monotonicity, and a version of welfarism, characterizes a standard social welfare function defined over money metric utilities.
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Bosmans, K., Decancq, K., & Ooghe, E. (2016). Who’s Afraid of Aggregating Money Metrics ? (CORE Discussion Paper 2016/35). https://hdl.handle.net/2078.5/183083