Fairness : A Critique to the Utilitarian Approach ∗

@inproceedings{Kircher2009FairnessA,
  title={Fairness : A Critique to the Utilitarian Approach ∗},
  author={Philipp Kircher and Sandra Ludwig and Alvaro Sandroni},
  year={2009}
}
We address a basic difficulty with incorporating fairness into standard utilitarian choice theories. Standard utilitarian theories evaluate lotteries according to the (weighted) utility over final outcomes and assume in particular that a lottery is never preferred over getting the most preferred underlying outcome with certainty. While nearly universally adopted in economics (including behavioral economics) and appealing for choices among consumption goods, this approach is problematic when… CONTINUE READING
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