An Additive Group Utility for a Fund Manager
将Harsanyi的加性效用公式移植到基金管理情境，通过增加三个公理推导出加权群体效用公式，其中每个个体的权重等于其基金投资边际效用的倒数，从而解决了人际效用比较问题。
The additive utility formula developed by Harsanyi specifies how a rational ethical individual acting on behalf of other people ought to behave. Unfortunately the formula is not invariant to arbitrary utility transformations and hence requires interpersonal comparisons of utility. Many economists have also attacked the formula on ethical grounds. This paper transplants the Harsanyi paradigm to a new context: that of fund management. We add three further axioms to the Harsanyi argument and deduce the weighted group utility formula with each individual's weight equal to the inverse of the marginal utility of his investment in the fund. These weights make our formula invariant to arbitrary utility transformations which eliminates the problem of interpersonal comparisons of utility. We also explore a number of other properties of this group utility function.