Unequal uncertainties and uncertain inequalities: an axiomatic approach |
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Authors: | Thibault Gajdos Eric Maurin |
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Institution: | a CNRS-CREST, and ICER, 15 Bd Gabriel Péri, 92245 Malakoff Cedex, France b CREST-INSEE, and ICER, 15 Bd Gabriel Péri, 92245 Malakoff Cedex, France |
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Abstract: | In this paper, we provide an axiomatic characterization of social welfare functions for uncertain incomes. Our most general result is that a small number of reasonable assumptions regarding welfare orderings under uncertainty rule out pure ex ante as well as pure ex post evaluations. Any social welfare function that satisfies these axioms should lie strictly between the ex ante and the ex post evaluations of income distributions. We also provide an axiomatic characterization of the weighted average of the minimum and the maximum of ex post and ex ante evaluations. |
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Keywords: | D31 D63 D81 |
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