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Relative utilitarianism

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Abstract

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

Topics: HC, QA, H
Publisher: BLACKWELL PUBL LTD
OAI identifier: oai:wrap.warwick.ac.uk:14600
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