Utilitarian Aggregation of Beliefs and Tastes
AbstractSeveral authors have indicated a contradiction between consistent aggregation of subjective beliefs and tastes, and a Pareto condition. We argue that the Pareto condition that implies the contradiction is not compelling. Society should not necessarily endorse a unanimous choice when it is based on contradictory beliefs. Restricting the Pareto condition to choices that only involve identical beliefs allows a utilitarian aggregation: both society's utility function and its probability measure are linear combinations of those of the individuals.
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Bibliographic InfoPaper provided by EconWPA in its series Game Theory and Information with number 0105001.
Length: 10 pages
Date of creation: 20 May 2001
Date of revision:
Note: Type of Document - ; pages: 10
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Other versions of this item:
- C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory
- D8 - Microeconomics - - Information, Knowledge, and Uncertainty
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