Econometrica Vol. 92 No. 1 2024

“Near” Weighted Utilitarian Characterizations of Pareto Optima

Yeon‐Koo Che¹; Jinwoo Kim²; Fuhito Kojima³; Christopher Ryan⁴

¹ Department of Economics, Columbia University , · ² Department of Economics and SIER, Seoul National University · ³ Department of Economics and Market Design Center, University of Tokyo · ⁴ Operations and Logistics Division, UBC Sauder School of Business, University of British Columbia

Abstract

We give two characterizations of Pareto optimality via “near” weighted utilitarian welfare maximization. One characterization sequentially maximizes utilitarian welfare functions using a finite sequence of nonnegative and eventually positive welfare weights. The other maximizes a utilitarian welfare function with a certain class of positive hyperreal weights. The social welfare ordering represented by these “near” weighted utilitarian welfare criteria is characterized by the standard axioms for weighted utilitarianism under a suitable weakening of the continuity axiom.

DOI

10.3982/ecta18930

Volume

92

Issue

1

Pages

141-165

Language

en

Sources

bibtex:phds-export.bib openalex crossref

Cite

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