So, on the model, for a given total amount of consumption, you can maximize utility either by eliminating inequality or by eliminating risk-aversion. What's a good word for the latter? Not "utility-monsters", but like, "utility-neutrals": you should be indifferent re how to distribute consumption over them.
(I should clarify: I didn't check the math, just looked up the definitions.)
I was thinking you have a choice between raising the median (e.g. via growth) or lowering Gini coefficient while keeping the risk aversion parameter the same. And in this model everyone has the same utility function.
So, on the model, for a given total amount of consumption, you can maximize utility either by eliminating inequality or by eliminating risk-aversion. What's a good word for the latter? Not "utility-monsters", but like, "utility-neutrals": you should be indifferent re how to distribute consumption over them.
(I should clarify: I didn't check the math, just looked up the definitions.)
I was thinking you have a choice between raising the median (e.g. via growth) or lowering Gini coefficient while keeping the risk aversion parameter the same. And in this model everyone has the same utility function.