Utilitarianism with Prior Heterogeneity
AbstractHarsanyi's axiomatic justification of utilitarianism is extended to a framework with subjective and heterogenous priors. Contrary to the existing literature on aggregation of preferences under uncertainty, society is here allowed to formulate probability judgements, not on the actual state of the world as individuals do, but rather on the opinion they each have on the actual state. An extended Pareto condition is then proposed that characterizes the social utility function as a convex combination of individual ones and the social prior as the independent product of individual ones.
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Bibliographic InfoPaper provided by Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne in its series Documents de travail du Centre d'Economie de la Sorbonne with number 14049.
Length: 10 pages
Date of creation: Jun 2014
Date of revision:
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More information through EDIRC
Utilitarianism; prior heterogeneity; Pareto condition.;
Other versions of this item:
- Antoine Billot & Vassili Vergopoulos, 2014. "Utilitarianism with Prior Heterogeneity," UniversitÃ© Paris1 PanthÃ©on-Sorbonne (Post-Print and Working Papers) halshs-01021399, HAL.
- 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
This paper has been announced in the following NEP Reports:
- NEP-ALL-2014-07-13 (All new papers)
- NEP-HPE-2014-07-13 (History & Philosophy of Economics)
- NEP-MIC-2014-07-13 (Microeconomics)
- NEP-UPT-2014-07-13 (Utility Models & Prospect Theory)
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.:
- Mongin, Philippe & Pivato, Marcus, 2012. "Ranking Multidimensional Alternatives and Uncertain Prospects," MPRA Paper 42515, University Library of Munich, Germany.
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