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Alternative derivation of the leximin principle. (English) Zbl 1295.91045
Summary: This note provides an alternative derivation of the leximin principle using the framework of J. C. Harsanyi’s equi-probability model [“Cardinal utility in welfare economics and in the theory of risk-taking”, J. Polit. Econ. 61, 434–435 (1953; doi:10.1086/257416)]. We demonstrate that the leximin principle is concluded if and only if the preference ordering of the impartial observer obeys strong monotonicity and complete risk aversion.

91B15 Welfare economics
91B14 Social choice
91B16 Utility theory
Full Text: DOI
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