Fleurbaey, Marc (2009) Assessing risky social situations. LSE Choice Group working paper series (vol. 5, no. 9). The Centre for Philosophy of Natural and Social Science (CPNSS), London School of Economics, London, UK.
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Abstract
This paper re-examines the welfare economics of risk. It singles out a class of criteria, the “expected equally-distributed equivalent”, as the unique class which avoids serious drawbacks of existing approaches. Such criteria behave like ex-post criteria when the final statistical distribution of wellbeing is known ex ante, and like ex-ante criteria when risk generates no inequality. The paper also provides a new result on the tension between inequality aversion and respect of individual ex ante preferences, in the vein of Harsanyi’s aggregation theorem.
| Item Type: | Monograph (Working Paper) |
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| Official URL: | http://www2.lse.ac.uk/CPNSS/Home.aspx |
| Additional Information: | © 2009 The author |
| Divisions: | CPNSS |
| Subjects: | H Social Sciences > HB Economic Theory |
| JEL classification: | D - Microeconomics > D8 - Information, Knowledge, and Uncertainty > D81 - Criteria for Decision-Making under Risk and Uncertainty D - Microeconomics > D7 - Analysis of Collective Decision-Making > D71 - Social Choice; Clubs; Committees; Associations D - Microeconomics > D6 - Welfare Economics > D63 - Equity, Justice, Inequality, and Other Normative Criteria and Measurement |
| Date Deposited: | 08 Feb 2010 11:04 |
| Last Modified: | 13 Sep 2024 20:11 |
| URI: | http://eprints.lse.ac.uk/id/eprint/27006 |
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