We provide an axiomatic justification to aggregate money metrics. The key axiom requires the approval of richer-to-poorer transfers that preserve the overall efficiency of the distribution. This transfer principle—together with the basic axioms of anonymity, continuity, monotonicity, and a version of welfarism—characterizes a standard social welfare function defined over money metric utilities.
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Bosmans et al. (2018) studied this question.
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