Risk, Impersonality, and the Social Welfare Function

@article{Pattanaik1968RiskIA,
  title={Risk, Impersonality, and the Social Welfare Function},
  author={P. Pattanaik},
  journal={Journal of Political Economy},
  year={1968},
  volume={76},
  pages={1152 - 1169}
}
  • P. Pattanaik
  • Published 1968
  • Economics
  • Journal of Political Economy
In the recent literature on welfare economics it has been held by some writers (for example, Arrow, 1964, pp. 9-10, and Friedman and Savage, 1948, p. 283, n. 11) that individual preferences among risky prospects have little or no relevance for constructing a pattern of social preferences for non-risky social states. In contrast, other writers have expressed the opinion that not only are individual preferences among risky prospects relevant, but also they have a certain logical connection with… Expand

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