Social choice theory in the case of von Neumann-Morgenstern utilities (Q1124507): Difference between revisions

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.