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Interdependent Preferences and Groups of Agents

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  • Stanley Reiter

Abstract

An individual's preferences are assumed to be malleable and may be influenced by the preferences of others. Mutual interaction among individuals whose preferences are interdependent powers a dynamic process in which preference profiles evolve over time. Two formulations of the dynamic process are presented. One is an abstract model in which the iteration of a mapping from profiles to profiles defines a discrete time dynamic process; the other is a linear discrete time process specified in more detail. Examples motivate the model and illustrate its application. Conditions are given for the existence of a stable preference profile—a rest point of the dynamic process. A stable profile is naturally associated with a division, not in general unique, of the set of agents into subgroups with the property that preference interdependencies within a subgroup are “stronger” than those across subgroups. The conventional case in which each agent's preference relation is exogenously given is, in this model, the special case where each subgroup consists of just one agent.

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  • Stanley Reiter, 2001. "Interdependent Preferences and Groups of Agents," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 3(1), pages 27-67, January.
    • Handle: RePEc:bla:jpbect:v:3:y:2001:i:1:p:27-67
    DOI: 10.1111/1097-3923.00054
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    1. Vincenzo Scalzo, 2022. "Existence of alpha-core allocations in economies with non-ordered and discontinuous preferences," Economic Theory Bulletin, Springer;Society for the Advancement of Economic Theory (SAET), vol. 10(1), pages 1-12, May.
    2. John P. Conley & Myrna Wooders, 2005. "Memetics & Voting: How Nature May Make us Public Spirited," Vanderbilt University Department of Economics Working Papers 0514, Vanderbilt University Department of Economics.
    3. John Conley & Myrna H. Wooders & Ali Toossi, 2001. "Evolution & Voting: How Nature Makes us Public Spirited," Economics Bulletin, AccessEcon, vol. 28(24), pages 1.
    4. John Conley & Ali Toossi & Myrna Wooders, 2006. "Memetics and voting: how nature may make us public spirited," International Journal of Game Theory, Springer;Game Theory Society, vol. 35(1), pages 71-90, December.

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