An impossibility theorem with von Neumann-Morgenstern preferences

Economics Letters

Volumn 56, Issue 3, 1997, Pages 305-309

  Dhillon, Amrita ^a   Mertens, Jean François ^b  

^a UNIVERSITY OF WARWICK   (United Kingdom)

^b UNIVERSITÉ CATHOLIQUE DE LOUVAIN   (Belgium)

Author keywords

Arrow's impossibility theorem; Axiomatisation; Expected utility; Social welfare function; Utilitarianism

Indexed keywords

EID: 0031567766     PISSN: 01651765     EISSN: None     Source Type: Journal    
DOI: 10.1016/s0165-1765(97)00191-2     Document Type: Article

References (9)

1. Arrow, K.J., 1963. Social Choice and Individual Values, Vol. 12 of Cowles Foundation Monographs, 2nd ed., John Wiley, New York.
2. Chichilnisky, G., 1985. von Neumann-Morgenstern Utilities and Cardinal Preferences. Mathematics of Operations Research 10(4).
3. Dhillon, A., Mertens, J.-F., 1996. Relative Utilitarianism, An Improved Axiomatisation, Discussion Paper 9655, CORE.
4. Harsanyi, J.C., 1976. Essays on Ethics, Social Behavior, and Scientific Explanation, No. 12 in Theory and Decision Library, D. Reidel Publishing, Dordrecht, The Netherlands.
5. Hylland, A., 1980. Aggregation procedure for cardinal preferences: A comment. Econometrica 48(2).
6. Kalaï, E., Schmeidler, D., 1977. Aggregation procedure for cardinal preferences: A formulation and proof of Samuelson's Conjecture. Econometrica 45 (6), 1431-1438.
7. Maskin, E., 1985. The theory of implementation in Nash equilibrium. In: Hurwicz, L., Schmeidler, D., Sonnenschein, H. (Eds.), Social Goals and Social Organization - Essays in Memory of Elisha Pazner, Cambridge University Press, pp. 173-204.
8. Moulin, H., 1988. Axioms of cooperative decision making, No. 15 in Econometric Society Monographs, Cambridge University Press.
9. Sen, A.K., 1970. Interpersonal aggregation and partial comparability. Econometrica 38 (3), 393-409.