Three Welfare Orderings that are Fully Comparable Revisited

• Authors: Lahiri Somdeb
• Languages of publication: EN

Abstracts

EN

We are concerned with welfare orderings on the set of evaluation vectors. In our framework the number of agents, criteria or states of nature is fixed and an evaluation vector assigns a real valued evaluation to each criteria, agent or state of nature. Hence the space of evaluation vectors is a finite dimensional Euclidean space. In such a context we provide axiomatic characterizations of the utilitarian, maximin and leximin welfare orderings. The axiomatic characterization of the utilitarian welfare ordering is based on a quasi-linearity property. The axiomatic characterizations of the maximin and leximin welfare orderings are obtained by suitably modifying the axioms used by Barbera and Jackson (1988).

Keywords

EN

Leximin; Maximin; Social Welfare Orderings

• Publisher: Uniwersytet Ekonomiczny w Katowicach
• Journal: Multiple Criteria Decision Making
• Year: 2018
• Volume: 13
• Pages: 133-148

Contributors

author

Lahiri Somdeb

• School of Petroleum Management. Pandit Deendayal Petroleum University, Gandhinagar, India

References

• d’Aspremont (1985), Axioms for Social Welfare Orderings [in:] L. Hurwicz, D. Schmeidler, H. Sonnenschein (eds.), Social Goals and Social Organization: Essays in Memory of Elisha Pazner, Cambridge University Press, Cambridge, 19-75.
• Barbera S., Jackson M. (1988), Maximin, Leximin, and the Protective Criterion: Characterizations and Comparisons, Journal of Economic Theory, 46, 34-44.
• Bossert W., Weymark J.A. (2004), Utility in Social Choice [in:] S. Barbera, P.J. Hammond, C. Seidl (eds.), Handbook of Utility Theory. Vol. 2: Extensions, Kluwer Academic Publishers, Boston, 1099-1177.
• Nash J.F. (1950), The Bargaining Problem, Econometrica, 18, 155-162.
• Rubinstein A. (2012), Lecture Notes in Microeconomic Theory: The Economic Agent (2nd edition), Princeton University Press, Princeton and Oxford.

Identifiers

ISSN

2084-1531