Theorem 1. A utility function, U(c1 . . .cT ,N1 . . .NT , h1 . . .hT ), linking CBA and CEA
cannot embody all of the following:
1. the axioms of EU theory;
2. marginality;
3. symmetry;
4. weak concavity in consumption (∂U/∂ct , ∂2U/∂c2
5. the property that health improves the ability to enjoy (∂2U/∂h∂c > 0).