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Preference aggregation under uncertainty: Savage vs. Pareto

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  • Chambers, Christopher P.
  • Hayashi, Takashi

Abstract

Following Mongin [12, 13], we study social aggregation of subjective expected utility preferences in a Savage framework. We argue that each of Savage's P3 and P4 and incompatible with the Strong Pareto property. A representation theorem for social preferences satisfying Pareto indifference and conforming to the state-dependent expected utility model is provided.

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File URL: http://www.sciencedirect.com/science/article/B6WFW-4FK3P89-1/2/734ebe47d61f72a42f582c053204e7a4
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Bibliographic Info

Article provided by Elsevier in its journal Games and Economic Behavior.

Volume (Year): 54 (2006)
Issue (Month): 2 (February)
Pages: 430-440

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Handle: RePEc:eee:gamebe:v:54:y:2006:i:2:p:430-440

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Web page: http://www.elsevier.com/locate/inca/622836

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References

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  1. Gilboa, Itzhak & Schmeidler, David, 1989. "Maxmin expected utility with non-unique prior," Journal of Mathematical Economics, Elsevier, vol. 18(2), pages 141-153, April.
  2. Hylland, Aanund & Zeckhauser, Richard J, 1979. "The Impossibility of Bayesian Group Decision Making with Separate Aggregation of Beliefs and Values," Econometrica, Econometric Society, vol. 47(6), pages 1321-36, November.
  3. John C. Harsanyi, 1955. "Cardinal Welfare, Individualistic Ethics, and Interpersonal Comparisons of Utility," Journal of Political Economy, University of Chicago Press, vol. 63, pages 309.
  4. MONGIN, Philippe, . "The paradox of the Bayesian experts and state-dependent utility theory," CORE Discussion Papers RP -1312, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  5. Schmeidler, David, 1989. "Subjective Probability and Expected Utility without Additivity," Econometrica, Econometric Society, vol. 57(3), pages 571-87, May.
  6. Machina, Mark J & Schmeidler, David, 1992. "A More Robust Definition of Subjective Probability," Econometrica, Econometric Society, vol. 60(4), pages 745-80, July.
  7. Mongin Philippe, 1995. "Consistent Bayesian Aggregation," Journal of Economic Theory, Elsevier, vol. 66(2), pages 313-351, August.
  8. De Meyer, Bernard & Mongin, Philippe, 1995. "A note on affine aggregation," Economics Letters, Elsevier, vol. 47(2), pages 177-183, February.
  9. Mongin, P & d'Aspremont, C, 1996. "Utility Theory and Ethics," Papers 9632, Paris X - Nanterre, U.F.R. de Sc. Ec. Gest. Maths Infor..
  10. Charles Blackorby & David Donaldson & Philippe Mongin, 2004. "Social Aggregation Without the Expected Utility Hypothesis," Working Papers hal-00242932, HAL.
  11. Itzhak Gilboa & Dov Samet & David Schmeidler, 2001. "Utilitarian Aggregation of Beliefs and Tastes," Game Theory and Information 0105001, EconWPA.
  12. Karni, Edi & Schmeidler, David & Vind, Karl, 1983. "On State Dependent Preferences and Subjective Probabilities," Econometrica, Econometric Society, vol. 51(4), pages 1021-31, July.
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Citations

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Cited by:
  1. repec:hal:cesptp:halshs-00266049 is not listed on IDEAS
  2. Marcus Pivato, 2013. "Voting rules as statistical estimators," Social Choice and Welfare, Springer, vol. 40(2), pages 581-630, February.
  3. Eric Danan & Thibault Gajdos & Jean-Marc Tallon, 2014. "Harsanyi's aggregation theorem with incomplete preferences," Documents de travail du Centre d'Economie de la Sorbonne 14002, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
  4. Marc Fleurbaey, 2007. "Assessing Risky Social Situations," IDEP Working Papers 0703, Institut d'economie publique (IDEP), Marseille, France, revised Jan 2007.
  5. Hervé Crès & Itzhak Gilboa, & Nicolas Vieille, 2011. "Aggregation of multiple prior opinions," Sciences Po publications info:hdl:2441/eu4vqp9ompq, Sciences Po.
  6. Gajdos, T. & Tallon, J.-M. & Vergnaud, J.-C., 2008. "Representation and aggregation of preferences under uncertainty," Journal of Economic Theory, Elsevier, vol. 141(1), pages 68-99, July.
  7. repec:hal:cesptp:halshs-00193578 is not listed on IDEAS
  8. Ralph Keeney & Robert Nau, 2011. "A theorem for Bayesian group decisions," Journal of Risk and Uncertainty, Springer, vol. 43(1), pages 1-17, August.
  9. repec:hal:journl:halshs-00266049 is not listed on IDEAS
  10. Thibault Gajdos & Jean-Marc Tallon & Jean-Christophe Vergnaud, 2005. "On the impossibility of preference aggregation under uncertainty," Cahiers de la Maison des Sciences Economiques v05012, Université Panthéon-Sorbonne (Paris 1).
  11. Frederik Herzberg, 2013. "Aggregation of Monotonic Bernoullian Archimedean preferences: Arrovian impossibility results," Working Papers 488, Bielefeld University, Center for Mathematical Economics.
  12. Nehring, Klaus, 2007. "The impossibility of a Paretian rational: A Bayesian perspective," Economics Letters, Elsevier, vol. 96(1), pages 45-50, July.
  13. Mongin, Philippe & Pivato, Marcus, 2012. "Ranking Multidimensional Alternatives and Uncertain Prospects," MPRA Paper 42515, University Library of Munich, Germany.

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