Aggregation of Monotonic Bernoullian Archimedean preferences: Arrovian impossibility results
AbstractCerreia-Vioglio, Ghirardato, Maccheroni, Marinacci and Siniscalchi (Economic Theory, 48:341--375, 2011) have recently proposed a very general axiomatisation of preferences in the presence of ambiguity, viz. Monotonic Bernoullian Archimedean (MBA) preference orderings. This paper investigates the problem of Arrovian aggregation of such preferences -- and proves dictatorial impossibility results for both finite and infinite populations. Applications for the special case of aggregating expected-utility preferences are given. A novel proof methodology for special aggregation problems, based on model theory (in the sense of mathematical logic), is employed.
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Bibliographic InfoPaper provided by Bielefeld University, Center for Mathematical Economics in its series Working Papers with number 488.
Length: 15 pages
Date of creation: Sep 2013
Date of revision:
ambiguity; Knightian uncertainty; expected utility; Monotonic Bernoullian Archimedean (MBA) preferences; Arrovian social choice; Arrow's theorem; impossibility result; ultrafilter; ultraproduct;
Find related papers by JEL classification:
- D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations
- D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
- C02 - Mathematical and Quantitative Methods - - General - - - Mathematical Economics
This paper has been announced in the following NEP Reports:
- NEP-ALL-2013-10-25 (All new papers)
- NEP-MIC-2013-10-25 (Microeconomics)
- NEP-UPT-2013-10-25 (Utility Models & Prospect Theory)
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