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Aggregation of Paretian preferences for independent individual uncertainties

Author

Listed:
  • Antoine Billot

    (LEMMA-Université Paris 2 Panthéon-Assas, IuF)

  • Vassili Vergopoulos

    (PSE-Université Paris 1 Panthéon-Sorbonne)

Abstract

This paper considers situations of social choice where the resolution of the uncertainty affecting each individual is independent of the resolution of the uncertainty affecting all other individuals. Individuals as well as society itself have Subjective Expected Utility preferences, and society conforms to a set of Pareto-like requirements. In this case, the social utility function must be a convex combination of individual utility functions, thereby extending the logic of Harsanyi’s (JPE 63:309–321, 1955) seminal aggregation theorem. Moreover, the social probabilistic beliefs must be the independent product of individual probabilistic beliefs.

Suggested Citation

  • Antoine Billot & Vassili Vergopoulos, 2016. "Aggregation of Paretian preferences for independent individual uncertainties," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 47(4), pages 973-984, December.
    • Handle: RePEc:spr:sochwe:v:47:y:2016:i:4:d:10.1007_s00355-016-1001-0
    DOI: 10.1007/s00355-016-1001-0
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    References listed on IDEAS

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    1. Shiri Alon & Gabi Gayer, 2016. "Utilitarian Preferences With Multiple Priors," Econometrica, Econometric Society, vol. 84, pages 1181-1201, May.
    2. Eric Danan & Thibault Gajdos & Brian Hill & Jean-Marc Tallon, 2016. "Robust Social Decisions," American Economic Review, American Economic Association, vol. 106(9), pages 2407-2425, September.
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    Cited by:

    1. McCarthy, David & Mikkola, Kalle & Thomas, Teruji, 2020. "Utilitarianism with and without expected utility," Journal of Mathematical Economics, Elsevier, vol. 87(C), pages 77-113.
    2. Philippe Mongin & Marcus Pivato, 2020. "Social preference under twofold uncertainty," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 70(3), pages 633-663, October.
    3. Federica Ceron & Vassili Vergopoulos, 2017. "Aggregation of Bayesian preferences: Unanimity vs Monotonicity," Post-Print halshs-01539444, HAL.
    4. McCarthy, David & Mikkola, Kalle & Thomas, Teruji, 2016. "Utilitarianism with and without expected utility," MPRA Paper 72578, University Library of Munich, Germany.
    5. Stanca, Lorenzo, 2021. "Smooth aggregation of Bayesian experts," Journal of Economic Theory, Elsevier, vol. 196(C).
    6. Federica Ceron & Vassili Vergopoulos, 2019. "Aggregation of Bayesian preferences: unanimity vs monotonicity," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 52(3), pages 419-451, March.
    7. Pivato, Marcus, 2022. "Bayesian social aggregation with accumulating evidence," Journal of Economic Theory, Elsevier, vol. 200(C).
    8. Federica Ceron & Vassili Vergopoulos, 2017. "Aggregation of Bayesian preferences: Unanimity vs Monotonicity," Documents de travail du Centre d'Economie de la Sorbonne 17028, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
    9. Federica Ceron & Vassili Vergopoulos, 2017. "Aggregation of Bayesian preferences: Unanimity vs Monotonicity," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-01539444, HAL.

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