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• Relative_utilitarianism abstract "Let be a set of possible `states of the world' or `alternatives'; society wishes to choose some state from . Let be a finite set, representing a collection of people. For each , let be a utility function. A social choice rule (or voting system) is a mechanism which uses the data to select some element(s) from which are `best' for society. (The basic problem of social choice theory is to disambiguate the word `best'.)The classic utilitarian social choice rule selects the element which maximizes the utilitarian sumHowever, for this formula to make sense, we must assume that the utility functions are both cardinal, and interpersonally comparable at a cardinal level.The notion that individuals have cardinal utility functions is not that problematic. Cardinal utility has been implicitly assumed in decision theory ever since Daniel Bernoulli's analysis of the Saint Petersburg Paradox. Rigorous mathematical theories of cardinal utility (with application to risky decision making) were developed by Frank P. Ramsey, Bruno de Finetti,von Neumann and Morgenstern, and Leonard Savage. However, in these theories, a person's utility function is only well-defined up to an `affine rescaling'. Thus, if the utility function is valid description of her preferences, and if are two constants with , then the `rescaled' utility function is an equally valid description of her preferences. If we define a new package of utility functions using possibly different and for all , and we then consider the utilitarian sumthen in general, the maximizer of will not be the same as the maximizer of . Thus, in a sense, classic utilitarian social choice is not well-defined within the standard model of cardinal utility used in decision theory, unless we specify some mechanism to `calibrate' the utility functions of the different individuals.Relative utilitarianism proposes a natural calibration mechanism. For every , suppose that the valuesare well-defined. (For example, this will always be true if is finite, or if is a compact space and is a continuous function.) Then definefor all . Thus, is a `rescaled' utility function which has a minimum value of 0 and a maximum value of 1. The Relative Utilitarian social choice rule selects the element in which maximizes the utilitarian sumAs an abstract social choice function, relative utilitarianism has been analyzed by Cao (1982), Dhillon (1998), Karni (1998), Dhillon and Mertens (1999), Segal (2000), Sobel (2001) and Pivato (2008). (Cao (1982) refers to it as the `modified Thomson solution'.) When interpreted as a `voting rule', it is equivalent to Range voting.".
• Relative_utilitarianism wikiPageID "30630597".
• Relative_utilitarianism wikiPageRevisionID "568502348".
• Relative_utilitarianism hasPhotoCollection Relative_utilitarianism.
• Relative_utilitarianism subject Category:Analysis_of_collective_decision-making.
• Relative_utilitarianism subject Category:Economics.
• Relative_utilitarianism subject Category:Ethics.
• Relative_utilitarianism subject Category:Political_science.
• Relative_utilitarianism subject Category:Social_choice_theory.
• Relative_utilitarianism subject Category:Utilitarianism.
• Relative_utilitarianism subject Category:Voting_systems.
• Relative_utilitarianism type Abstraction100002137.
• Relative_utilitarianism type Cognition100023271.
• Relative_utilitarianism type Content105809192.
• Relative_utilitarianism type Idea105833840.
• Relative_utilitarianism type LegalSystem105903229.
• Relative_utilitarianism type Plan105898568.
• Relative_utilitarianism type PlanOfAction105902545.
• Relative_utilitarianism type PsychologicalFeature100023100.
• Relative_utilitarianism type System105902872.
• Relative_utilitarianism type VotingSystem105904135.
• Relative_utilitarianism type VotingSystems.
• Relative_utilitarianism comment "Let be a set of possible `states of the world' or `alternatives'; society wishes to choose some state from . Let be a finite set, representing a collection of people. For each , let be a utility function. A social choice rule (or voting system) is a mechanism which uses the data to select some element(s) from which are `best' for society.".
• Relative_utilitarianism label "Relative utilitarianism".
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• Relative_utilitarianism sameAs Relative_utilitarianism.
• Relative_utilitarianism wasDerivedFrom Relative_utilitarianism?oldid=568502348.
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