Inequality aversion and separability in social risk evaluation

Marc Fleurbaey, Stéphane Zuber

Research output: Contribution to journalArticle

7 Scopus citations

Abstract

This paper examines how to satisfy "independence of the utilities of the dead" (Blackorby et al. in Econometrica 63:1303-1320, 1995; Bommier and Zuber in Soc Choice Welf 31:415-434, 2008) in the class of "expected equally distributed equivalent" social orderings (Fleurbaey in J Polit Econ 118:649-680, 2010) and inquires into the possibility to keep some aversion to inequality in this context. It is shown that the social welfare function must either be utilitarian or take a special multiplicative form. The multiplicative form is compatible with any degree of inequality aversion, but only under some constraints on the range of individual utilities.

Original languageEnglish (US)
Pages (from-to)675-692
Number of pages18
JournalEconomic Theory
Volume54
Issue number3
DOIs
StatePublished - Jan 1 2013

All Science Journal Classification (ASJC) codes

  • Economics and Econometrics

Keywords

  • Ex post equity
  • Independence of the utilities of the dead
  • Risk

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