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Relative Utilitarianism [PDF]

open access: possibleEconometrica, 1999
Summary: In a framework of preferences over lotteries, we show that an axiom system consisting of weakened versions of Arrow's axioms has a unique solution. `Relative utilitarianism' consists of first normalizing individual von Neumann-Morgenstern utilities between 0 and 1 and then summing them.
DHILLON, Amrita, MERTENS, Jean-François
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