Related papers: Strict Comparisons of Infinite Utility Streams

When evaluating policies that affect future generations, the most commonly used criterion is the discounted utilitarian rule. However, in terms of intergenerational fairness, it is difficult to justify prioritizing the current generation…

This study proposes a new efficiency requirement, a minimal almost weak Pareto principle, which says that x is socially better than y whenever the only one individual never prefers y to x, and all the others prefers x to y. Then, I show…

We propose generalized versions of strong equity and Pigou-Dalton transfer principle. We study the existence and the real valued representation of social welfare relations satisfying these two generalized equity principles. Our results…

When aggregating Subjective Expected Utility preferences, the Pareto principle leads to an impossibility result unless the individuals have a common belief. This paper examines the source of this impossibility in more detail by considering…

We consider arbitrarily long, but finite utility streams, and some appropriate axioms.

For incomplete preference relations that are represented by multiple priors and/or multiple -- possibly multivariate -- utility functions, we define a certainty equivalent as well as the utility buy and sell prices and indifference price…

Envy-freeness and Pareto Efficiency are two major goals in welfare economics. The existence of an allocation that satisfies both conditions has been studied for a long time. Whether items are indivisible or divisible, it is impossible to…

This paper formulates an utility indifference pricing model for investors trading in a discrete time financial market under non-dominated model uncertainty. The investors preferences are described by strictly increasing concave random…

We say a model is continuous in utilities (resp., preferences) if small perturbations of utility functions (resp., preferences) generate small changes in the model's outputs. While similar, these two questions are different. They are only…

In fair division of indivisible goods, using sequences of sincere choices (or picking sequences) is a natural way to allocate the objects. The idea is the following: at each stage, a designated agent picks one object among those that…

This paper explores a new class of incomplete preferences -- termed ``connected preferences'' -- in which maximal domains of comparability are topologically connected. We provide necessary and sufficient conditions for continuous…

In the object reallocation problem, achieving Pareto-efficiency is desirable, but may be too demanding for implementation purposes. In contrast, pair-efficiency, which is the minimal efficiency requirement, is more suitable. Despite being a…

We extend well-known comparative results under expected utility to models of non-expected utility by providing novel conditions on local utility functions. We illustrate how our results parallel, and are distinct from, existing results for…

This paper studies a general class of social choice problems in which agents' payoff functions (or types) are privately observable random variables, and monetary transfers are not available. We consider cardinal social choice functions…

This paper studies preference aggregation under risk. In our model, each agent has an incomplete preference relation represented by a set of expected utility functions. The classical Pareto principle is silent on agreement involving…

We study Pareto efficiency in a pure-exchange economy where agents' preferences are represented by risk-averse monetary utilities. These coincide with law-invariant monetary utilities, and they can be shown to correspond to the class of…

Recent literature in the last Maximum Entropy workshop introduced an analogy between cumulative probability distributions and normalized utility functions. Based on this analogy, a utility density function can de defined as the derivative…

We study the Pareto frontier (optimal trade-off) between utility and separation, a fairness criterion requiring predictive independence from sensitive attributes conditional on the true outcome. Through an information-theoretic lens, we…

This survey reviews recent developments in revealed preference theory. It discusses the testable implications of theories of choice that are germane to specific economic environments. The focus is on expected utility in risky environments;…

We consider fair division problems where indivisible items arrive one-by-one in an online fashion and are allocated immediately to agents who have additive utilities over these items. Many existing offline mechanisms do not work in this…