TY  - RPRT
        AU  - Candeal, Juan Carlos
AU  - Induráin, Esteban
AU  - Molina, José Alberto
        TI  - Interpersonal Comparisons of Utility: An Algebraic Characterization of Projective Preorders and Some Welfare Consequences
        PY  - 2007/Jan/
        PB  - Institute of Labor Economics (IZA)
        CY  - Bonn
        T2  - IZA Discussion Paper
        IS  - 2594
        UR  - https://www.iza.org/publications/dp2594
        AB  - It is shown that any completely preordered topological real algebra admits a continuous utility representation which is an algebra-homomorphism (i.e., it is linear and multiplicative). As an application of this result, we provide an algebraic characterization of the projective (dictatorial) preorders defined on Rⁿ. We then establish some welfare implications derived from our main result. In particular, the connection with the normative property called independence of the relative utility pace is discussed.
        KW  - projective preorders
KW  - algebraic utility
        ER  -