The ordinal Nash social welfare function

نویسنده

  • Eran Hanany
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.

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تاریخ انتشار 2008