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Preference Aggregation under Uncertainty: Savage vs. Pareto

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Author Info

  • Chambers, Christopher
  • Takashi Hayashi

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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Bibliographic Info

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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Postal: Working Paper Assistant, Division of the Humanities and Social Sciences, 228-77, Caltech, Pasadena CA 91125
Phone: 626 395-4065
Fax: 626 405-9841
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Web page: http://www.hss.caltech.edu/ss

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Postal: Working Paper Assistant, Division of the Humanities and Social Sciences, 228-77, Caltech, Pasadena CA 91125
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Related research

Keywords: Harsanyi's Theorem; preference aggregation; subjective expected utility; Savage's axioms.;

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References

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  1. Mongin, P., . "Consistent Bayesian aggregation," CORE Discussion Papers RP -1176, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  2. DE MEYER, Bernard & MONGIN , Philippe, 1994. "A Note on Affine Aggregation," CORE Discussion Papers 1994014, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  3. Schmeidler, David, 1989. "Subjective Probability and Expected Utility without Additivity," Econometrica, Econometric Society, vol. 57(3), pages 571-87, May.
  4. 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.
  5. Mongin, P & d'Aspremont, C, 1996. "Utility Theory and Ethics," Papers 9632, Paris X - Nanterre, U.F.R. de Sc. Ec. Gest. Maths Infor..
  6. Gilboa, Itzhak & Schmeidler, David, 1989. "Maxmin expected utility with non-unique prior," Journal of Mathematical Economics, Elsevier, vol. 18(2), pages 141-153, April.
  7. Karni, Edi & Schmeidler, David & Vind, Karl, 1983. "On State Dependent Preferences and Subjective Probabilities," Econometrica, Econometric Society, vol. 51(4), pages 1021-31, July.
  8. Gilboa, I. & Samet, D. & Schmeidler, D., 2001. "Utilitarian Aggregation of Beliefs and Tastes," Papers 2001-17, Tel Aviv.
  9. 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.
  10. Mark J. Machina & David Schmeidler, 1990. "A More Robust Definition of Subjective Probability," Discussion Paper Serie A 306, University of Bonn, Germany.
  11. 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.
  12. Charles Blackorby & David Donaldson & Philippe Mongin, 2004. "Social Aggregation Without the Expected Utility Hypothesis," Working Papers hal-00242932, HAL.
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Citations

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Cited by:
  1. Hervé Crès & Itzhak Gilboa, & Nicolas Vieille, 2011. "Aggregation of multiple prior opinions," Sciences Po publications info:hdl:2441/eu4vqp9ompq, Sciences Po.
  2. Thibault Gajdos & Jean-Marc Tallon & Jean-Christophe Vergnaud, 2008. "Representation and aggregation of preferences under uncertainty," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00266049, HAL.
  3. Nehring, Klaus, 2007. "The impossibility of a Paretian rational: A Bayesian perspective," Economics Letters, Elsevier, vol. 96(1), pages 45-50, July.
  4. FLEURBAEY, Marc, . "Assessing risky social situations," CORE Discussion Papers RP -2289, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  5. Ralph Keeney & Robert Nau, 2011. "A theorem for Bayesian group decisions," Journal of Risk and Uncertainty, Springer, vol. 43(1), pages 1-17, August.
  6. Thibault Gajdos & Jean-Marc Tallon & Jean-Christophe Vergnaud, 2005. "On the impossibility of preference aggregation under uncertainty," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00193578, HAL.
  7. Frederik Herzberg, 2013. "Aggregation of Monotonic Bernoullian Archimedean preferences: Arrovian impossibility results," Working Papers 488, Bielefeld University, Center for Mathematical Economics.
  8. Marcus Pivato, 2013. "Voting rules as statistical estimators," Social Choice and Welfare, Springer, vol. 40(2), pages 581-630, February.
  9. Eric Danan & Thibault Gajdos & Jean-Marc Tallon, 2014. "Harsanyi's aggregation theorem with incomplete preferences," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00941799, HAL.
  10. repec:hal:journl:halshs-00266049 is not listed on IDEAS
  11. Mongin, Philippe & Pivato, Marcus, 2012. "Ranking Multidimensional Alternatives and Uncertain Prospects," MPRA Paper 42515, University Library of Munich, Germany.

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