Preference Aggregation under Uncertainty: Savage vs. Pareto

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Preference Aggregation under Uncertainty: Savage vs. Pareto

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Chambers, Christopher
Takashi Hayashi

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Christopher P. Chambers

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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Paper provided by California Institute of Technology, Division of the Humanities and Social Sciences in its series Working Papers with number 1184.

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Length: 11 pages
Date of creation: Nov 2003
Date of revision:
Publication status: Published: published in Games and Economic Behavior 54(2006) pp. 430-440.
Handle: RePEc:clt:sswopa:1184

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Article
- Chambers, Christopher P. & Hayashi, Takashi, 2006. "Preference aggregation under uncertainty: Savage vs. Pareto," Games and Economic Behavior, Elsevier, vol. 54(2), pages 430-440, February. [Downloadable!] (restricted)

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

Gilboa, I. & Samet, D. & Schmeidler, D., 2001. "Utilitarian Aggregation of Beliefs and Tastes," Papers 2001-17, Tel Aviv.
Other versions:
- Itzhak Gilboa & Dov Samet & David Schmeidler, 2001. "Utilitarian Aggregation of Beliefs and Tastes," Game Theory and Information 0105001, EconWPA. [Downloadable!]
- Itzhak Gilboa, Dov Samet, and David Schmeidler, 2004. "Utilitarian Aggregation of Beliefs and Tastes," Journal of Political Economy, University of Chicago Press, vol. 112(4), pages 932-938, August.
Weymark, J.A., 1990. "A Reconsideration Of The Harsanyi-Sen Debate On Utilitarianism," UBC Departmental Archives 90-03, UBC Department of Economics.
Machina, Mark J & Schmeidler, David, 1992. "A More Robust Definition of Subjective Probability," Econometrica, Econometric Society, vol. 60(4), pages 745-80, July. [Downloadable!] (restricted)
Other versions:
- Mark J. Machina & David Schmeidler, 1990. "A More Robust Definition of Subjective Probability," University of California at San Diego, Economics Working Paper Series 90-29, Department of Economics, UC San Diego.
- Mark J. Machina & David Schmeidler, 1990. "A More Robust Definition of Subjective Probability," Discussion Paper Serie A 306, University of Bonn, Germany.
- Machina,Mark Schmeidler,David, 1991. "A more robust definition of subjective probability," Discussion Paper Serie A 365, University of Bonn, Germany.
Mongin, Philippe, 1998. "The paradox of the Bayesian experts and state-dependent utility theory," Journal of Mathematical Economics, Elsevier, vol. 29(3), pages 331-361, April. [Downloadable!] (restricted)
Other versions:
- P. Mongin., 1997. "The paradox of the Bayesian experts and state-dependent utility theory," THEMA Working Papers 97-15, THEMA (THéorie Economique, Modélisation et Applications), Université de Cergy-Pontoise.
- Mongin, P., 1996. "The Paradox of the Bayesian Experts and State-Dependent Utility Theory," Papers 9626, Catholique de Louvain - Center for Operations Research and Economics.
Mongin, P & d'Aspremont, C, 1996. "Utility Theory and Ethics," Papers 9632, Paris X - Nanterre, U.F.R. de Sc. Ec. Gest. Maths Infor..
Other versions:
- Mongin, P & d'Aspremont, C, 1996. "Utility Theory and Ethics," Papers 9663, Catholique de Louvain - Center for Operations Research and Economics.
- P. Mongin & C. d'Aspremont, 1996. "Utility theory and ethics," THEMA Working Papers 96-32, THEMA (THéorie Economique, Modélisation et Applications), Université de Cergy-Pontoise.
Karni, Edi & Schmeidler, David & Vind, Karl, 1983. "On State Dependent Preferences and Subjective Probabilities," Econometrica, Econometric Society, vol. 51(4), pages 1021-31, July. [Downloadable!] (restricted)
Mongin Philippe, 1995. "Consistent Bayesian Aggregation," Journal of Economic Theory, Elsevier, vol. 66(2), pages 313-351, August. [Downloadable!] (restricted)
Other versions:
- Mongin, P., 1993. "Consistent Bayesian Aggregation," Papers 9319, Catholique de Louvain - Center for Operations Research and Economics.
De Meyer, Bernard & Mongin, Philippe, 1995. "A note on affine aggregation," Economics Letters, Elsevier, vol. 47(2), pages 177-183, February. [Downloadable!] (restricted)
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. [Downloadable!] (restricted)

Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

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). [Downloadable!]
Other versions:
- Thibault Gajdos & Jean-Marc Tallon & Jean-Christophe Vergnaud, 2005. "On the impossibility of preference aggregation under uncertainty," Post-Print halshs-00193578_v1, HAL. [Downloadable!]
- Thibault Gajdos & Jean-Marc Tallon & Jean-Christophe Vergnaud, 2005. "On the impossibility of preference aggregation under uncertainty," UniversitÃ© Paris1 PanthÃ©on-Sorbonne, Post-Print halshs-00193578_v1, HAL. [Downloadable!]

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