Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/197152 
Year of Publication: 
2018
Citation: 
[Journal:] Theoretical Economics [ISSN:] 1555-7561 [Volume:] 13 [Issue:] 2 [Publisher:] The Econometric Society [Place:] New Haven, CT [Year:] 2018 [Pages:] 467-484
Publisher: 
The Econometric Society, New Haven, CT
Abstract: 
We provide an axiomatic justification to aggregate money metrics. The key axiom requires the approval of richer-to-poorer transfers that preserve the overall efficiency of the distribution. This transfer principle - together with the basic axioms of anonymity, continuity, monotonicity, and a version of welfarism - characterizes a standard social welfare function defined over money metric utilities.
Subjects: 
Money metric utility
transfer principle
efficiency
JEL: 
D61
D63
D71
I31
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by-nc Logo
Document Type: 
Article

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