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Foundations of Weighted Utilitarianism

Abstract : We provide a microfoundation for a weighted utilitarian social welfare function that reflects common moral intuitions about interpersonal comparisons of utilities. If utility is only ordinal, interpersonal comparisons are meaningless. Nonetheless, economics often adopts utilitarian welfare functions, assuming that comparable utility functions can be calibrated using information beyond consumer choice data. We show that consumer choice data alone are sufficient. As suggested by Edgeworth (1881), just noticeable differences provide a common unit of measure for interpersonal comparisons of utility differences. We prove that a simple monotonicity axiom implies a weighted utilitarian aggregation of preferences, with weights proportional to individual jnd's.
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Preprints, Working Papers, ...
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https://hal-hec.archives-ouvertes.fr/hal-01933882
Contributor : Antoine Haldemann Connect in order to contact the contributor
Submitted on : Saturday, November 24, 2018 - 3:49:02 PM
Last modification on : Saturday, June 25, 2022 - 10:56:03 AM

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Rossella Argenziano, Itzhak Gilboa. Foundations of Weighted Utilitarianism. 2017. ⟨hal-01933882⟩

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