The utilitarian criterion, finite sensibility, and the weak majority preference principle (Q1080343)

This study is a further analysis of the approach taken by \textit{Y.-K. Ng} [Rev. Econ. Stud. 42, 545-569 (1975; Zbl 0315.90009)] to derive the utilitarian criterion. Specific for the model is that individual preferences are finitely sensible. In this framework an analysis of the consequences on social preferences when different kinds of value premises are imposed is made. It is found that the utilitarian criterion is the unique consequence only for very special choices of the value premise. In addition, uniqueness requires the ''underlying preferences'' be cardinal. It is also found that finite sensibility induces approximate cardinalization of preferences.