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Aggregating And Updating Information

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  • Hannu Salonen

Abstract

We study information aggregation problems where to a set of measures a single measure of the same dimension is associated. The collection of measures could represent the beliefs of agents about the state of the world, and the aggregate would then represent the beliefs of the population. Individual measures could also represent the connectedness of agents in a social network, and the aggregate would reflect the importance of each individual. We characterize the aggregation rule that resembles the Nash welfare function. In the special case of probability aggregation problems, this rule is the only one that satisfies Bayesian updating and some well-known axioms discussed in the literature.

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Bibliographic Info

Paper provided by Aboa Centre for Economics in its series Discussion Papers with number 73.

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Length: 17
Date of creation: Mar 2012
Date of revision:
Handle: RePEc:tkk:dpaper:dp73

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Keywords: belief aggregation; belief updating; Nash welfare function;

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  1. John List & Matti Liski, 2005. "Introduction," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 31(2), pages 121-121, 06.
  2. Itzhak Gilboa & Dov Samet & David Schmeidler, 2004. "Utilitarian Aggregation of Beliefs and Tastes," Journal of Political Economy, University of Chicago Press, vol. 112(4), pages 932-938, August.
  3. Ignacio Palacios-Huerta & Oscar Volij, 2002. "The Measurement of Intellectual Influence," Economic theory and game theory 015, Oscar Volij.
  4. Christian List & Ben Polak, 2010. "Introduction to Judgment Aggregation," Cowles Foundation Discussion Papers 1753, Cowles Foundation for Research in Economics, Yale University.
  5. Pierre Barthelemy, Jean & Monjardet, Bernard, 1981. "The median procedure in cluster analysis and social choice theory," Mathematical Social Sciences, Elsevier, vol. 1(3), pages 235-267, May.
  6. Hannu Nurmi & Hannu Salonen, 2008. "More Borda Count Variations for Project Assesment," Czech Economic Review, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, vol. 2(2), pages 109-122, September.
  7. Donald Saari, 2006. "Which is better: the Condorcet or Borda winner?," Social Choice and Welfare, Springer, vol. 26(1), pages 107-129, January.
  8. Kaneko, Mamoru & Nakamura, Kenjiro, 1979. "The Nash Social Welfare Function," Econometrica, Econometric Society, vol. 47(2), pages 423-35, March.
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