Social choice theory in the case of von Neumann-Morgenstern utilities (Q1124507): Difference between revisions
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Revision as of 19:21, 10 February 2024
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English | Social choice theory in the case of von Neumann-Morgenstern utilities |
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Social choice theory in the case of von Neumann-Morgenstern utilities (English)
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1989
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Harsanyi's theorem on the existence of a utilitarian social welfare function rests on a fixed profile of individual utility functions. This paper generalizes Harsanyi's theorem to the multi-profile case: the profile may now vary. The main result is that any social welfare function satisfying the von Neumann-Morgenstern restrictions and exteded neutrality is affine in individual utilities. When one adds Pareto and neutrality restrictions, the result is a classical Benthamite social welfare function.
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utilitarian social welfare function
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Harsanyi's theorem
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multi-profile case
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exteded neutrality
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Benthamite social welfare function
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