"Near" Weighted Utilitarian Characterizations of Pareto Optima

TL;DR

This paper introduces novel 'near' weighted utilitarian criteria to characterize Pareto optimality, using finite sequences and hyperreal weights, expanding the theoretical understanding of social welfare maximization.

Contribution

It provides new characterizations of Pareto optimality through 'near' weighted utilitarian welfare functions involving finite sequences and hyperreal weights, with weakened continuity assumptions.

Findings

Characterizes Pareto optimality via 'near' weighted utilitarian welfare.

Uses finite sequences of welfare weights for characterization.

Employs hyperreal weights with weakened continuity axioms.

Abstract

We characterize 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.