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Paolo Piacquadio (Oslo) – "The equal-sacrifice social welfare function"
Microeconomics Seminar :
Time: 12:15pm – 1:30pm
Date: 2nd June 2021
Paolo Piacquadio (Oslo) – “The equal-sacrifice social welfare function”
We propose and axiomatically characterize a family of welfare criteria that prioritize individuals making larger sacrifices.
By combining efficiency with a concern for equality of sacrifice, our criteria avoid serious shortcomings of utilitarianism.
We illustrate our results within the Mirrleesian optimal taxation framework.
Our simulated equal-sacrifice optimal tax schedule for the US has marginal tax rates in line with the US tax system and
about 20 percentage points lower than the utilitarian recommendation.
With Kristoffer Berg.
Roxana Fernandez Machado (CREST), Julien Combe (CREST), and Matias Nunez (CREST)