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- Power Indices And The Veil Of Ignorance

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Author Info

  • Federico Valenciano

    ()
    (Universidad del País Vasco)

  • Annick Laruelle

    (Universidad de Alicante)

Abstract

We provide an axiomatic foundation of the expected utility preferences over lotteries on roles in simple superadditive games represented by the two main power indices, the Shapley-Shubik index and the Banzhaf index, when they are interpreted as von Neumann-Morgenstern utility functions. Our axioms admit meaningful interpretations in the setting proposed by Roth in terms of different attitudes toward risk involving roles in collective decision procedures under the veil of ignorance. In particular, an illuminating interpretation of ''efficiency'', up to now missing in this set up, as well as of the corresponding axiom for the Banzhaf index, is provided.

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File URL: http://www.ivie.es/downloads/docs/wpasad/wpasad-2000-13.pdf
File Function: Fisrt version / Primera version, 2000
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Bibliographic Info

Paper provided by Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie) in its series Working Papers. Serie AD with number 2000-13.

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Length: 19 pages
Date of creation: Jun 2000
Date of revision:
Publication status: Published by Ivie
Handle: RePEc:ivi:wpasad:2000-13

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Related research

Keywords: Power indices; voting power; collective decision-making; lotteries;

References

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  1. Blair, Douglas H. & McLean, Richard P., 1990. "Subjective evaluations of n-person games," Journal of Economic Theory, Elsevier, vol. 50(2), pages 346-361, April.
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Citations

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Cited by:
  1. Annick Laruelle & Federico Valenciano, 2008. "Potential, value, and coalition formation," TOP: An Official Journal of the Spanish Society of Statistics and Operations Research, Springer, vol. 16(1), pages 73-89, July.
  2. Annick Laruelle & Federico Valenciano, 2005. "A critical reappraisal of some voting power paradoxes," Public Choice, Springer, vol. 125(1), pages 17-41, July.
  3. Paolo Di Giannatale, Francesco Passarelli, 2011. "Voting Chances Instead of Voting Weights," ISLA Working Papers 40, ISLA, Centre for research on Latin American Studies and Transition Economies, Universita' Bocconi, Milano, Italy.
  4. Federico Valenciano & Annick Laruelle, 2003. "Potential, Value And Probability," Working Papers. Serie AD 2003-01, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).

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