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On the Welfare Evaluation of Income and Opportunity
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Antonio Villar
Published/Copyright:
June 22, 2005
This paper provides an axiomatization of a cardinal welfare measure for the evaluation of income and opportunity. Following Roemer's (1998) formulation of equality of opportunity, we divide the society in n effort groups consisting of subsets of agents who exert a comparable degree of effort. We show that social welfare can be measured as the sum of n partial indices, one for each effort group, each of which consists of a function of the aggregate income of the group and its dispersion (measured by Theil's first inequality index).
Published Online: 2005-6-22
©2011 Walter de Gruyter GmbH & Co. KG, Berlin/Boston
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Articles in the same Issue
- Advances Article
- Asymmetric Vertical Integration
- Shocks and Business Cycles
- Identification of Preferences from Market Data
- On the Right-of-First-Refusal
- Denial of Death and Economic Behavior
- Contributions Article
- Utility Equivalence in Auctions
- Pollution Taxes for Monopolistically Competitive Firms
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- Inefficiency of Collusion at English Auctions
- Limited Attention as the Bound on Rationality
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- Upward and Downward Limit Pricing: The Role of Post-Entry Competition
- Anonymous Bidding and Revenue Maximization
- Citizen Candidacy With Asymmetric Information
- Likely Events and Possible States
