Universal social welfare orderings and risk
In: ISSN: 1955-611X, 2021
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URL des Documents de travail : https://centredeconomiesorbonne.cnrs.fr/publications ; Documents de travail du Centre d'Economie de la Sorbonne 2021.18 - ISSN : 1955-611X ; How to evaluate and compare social prospects when there may be a risk on i) the actual allocation people will receive; ii) the existence of these future people; and iii) their preferences? This paper investigate this question that may arise when considering policies that endogenously affect future people, for instance climate policy. We show that there is no social ordering that meets minimal requirements of fairness, social rationality, and respect for people's ex ante preferences. We explore three ways to avoid this impossibility. First, if we drop the ex ante Pareto requirement, we can obtain fair ex post criteria that take an (arbitrary) expected utility of an equally-distributed equivalent level of well-being. Second, if the social ordering is not an expected utility, we can obtain fair ex ante criteria that assess uncertain individual prospects with a certainty-equivalent measure of well-being. Third, if we accept that interpersonal comparisons rely on VNM utility functions even in absence of risk, we can construct expected utility social orderings that satisfy of some version of Pareto ex ante.
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Universal social welfare orderings and risk
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Autor/in / Beteiligte Person: | Fleurbaey, Marc ; Zuber, Stéphane ; Paris School of Economics (PSE) ; Université Paris 1 Panthéon-Sorbonne (UP1)-École normale supérieure - Paris (ENS-PSL) ; Université Paris Sciences et Lettres (PSL)-Université Paris Sciences et Lettres (PSL)-École des hautes études en sciences sociales (EHESS)-École des Ponts ParisTech (ENPC)-Centre National de la Recherche Scientifique (CNRS)-Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement (INRAE) ; Centre National de la Recherche Scientifique (CNRS) ; Centre d'économie de la Sorbonne (CES) ; Université Paris 1 Panthéon-Sorbonne (UP1)-Centre National de la Recherche Scientifique (CNRS) ; Centre d'Economie de la Sorbonne (CES - UMR 8174) ; ANR-16-CE03-0001,FAIR-CLIMPOP,Equité, changement climatique et population(2016) ; ANR-17-EURE-0001,PGSE,Ecole d'Economie de Paris(2017) |
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Zeitschrift: | ISSN: 1955-611X, 2021 |
Veröffentlichung: | HAL CCSD ; Centre d'Économie de la Sorbonne (CES - UMR8174), 2021 |
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