Abstract
This paper characterizes two preorders over vectors, representing here income distributions, which, for the case of an order-preserving additive welfare function W=∑1n u(xi), correspond to the increasing concave functions u which are more concave than u(x)=ln x and than u(x)=-1/x, respectively. We provide a characterization of those W functions that is quite distinct from the one recently provided by Fleurbaey and Michel, Mathematical Social Sciences, 2001. The two sets of results are shown to be complementary.
Original language | English (US) |
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Pages (from-to) | 299-311 |
Number of pages | 13 |
Journal | Mathematical social sciences |
Volume | 45 |
Issue number | 3 |
DOIs | |
State | Published - Jul 2003 |
Keywords
- Income inequality
- Majorization
- Risk aversion
- Stochastic dominance
ASJC Scopus subject areas
- Sociology and Political Science
- Social Sciences(all)
- Psychology(all)
- Statistics, Probability and Uncertainty