The ordinal Nash social welfare function
نویسنده
چکیده
A social welfare function entitled ‘ordinal Nash’ is proposed. It is based on risk preferences and assumes a common, worst social tate (origin) for all individuals. The crucial axiom in the characterization of the function is a weak version of independence of rrelevant alternatives. This axiom considers relative risk positions with respect to the origin. Thus, the resulting social preference akes into account non-expected utility risk preference intensity by directly comparing certainty equivalent probabilities. The unction provides an interpretation of the Nash-utility-product preference aggregation rule. Necessary and sufficient conditions for he function to produce complete and transitive binary relations are characterized. 2007 Elsevier B.V. All rights reserved.
منابع مشابه
Ordinal Nash Social Welfare Function
A social welfare function entitled ‘ordinal Nash’ is proposed based on risk preferences and assuming a common, worst social state for all individuals. The crucial axiom in the characterisation of the solution is a weak version of IIA, in which only the relative risk position with respect to the worst state is considered. Thus the resulting social preference takes into account non (necessarily) ...
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