IDEAS home Printed from https://ideas.repec.org/a/fau/aucocz/au2014_055.html
   My bibliography  Save this article

Aggregating and Updating Information

Author

Listed:
  • Hannu Salonen

    () (University of Turku, Department of Economics, Turku, Finland)

Abstract

We study information aggregation problems where to a set of measures a single measure of the same dimension is assigned. 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 wellknown axioms discussed in the literature.

Suggested Citation

  • Hannu Salonen, 2014. "Aggregating and Updating Information," Czech Economic Review, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, vol. 8(2), pages 55-67, October.
  • Handle: RePEc:fau:aucocz:au2014_055
    as

    Download full text from publisher

    File URL: http://auco.cuni.cz/mag/article/download/id/157/type/attachment
    Download Restriction: no

    Other versions of this item:

    References listed on IDEAS

    as
    1. Crès, Hervé & Gilboa, Itzhak & Vieille, Nicolas, 2011. "Aggregation of multiple prior opinions," Journal of Economic Theory, Elsevier, vol. 146(6), pages 2563-2582.
    2. Ignacio Palacios-Huerta & Oscar Volij, 2004. "The Measurement of Intellectual Influence," Econometrica, Econometric Society, vol. 72(3), pages 963-977, May.
    3. List, Christian & Polak, Ben, 2010. "Introduction to judgment aggregation," Journal of Economic Theory, Elsevier, vol. 145(2), pages 441-466, March.
    4. Giora Slutzki & Oscar Volij, 2006. "Scoring of web pages and tournaments—axiomatizations," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 26(1), pages 75-92, January.
    5. 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.
    6. Donald Saari, 2006. "Which is better: the Condorcet or Borda winner?," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 26(1), pages 107-129, January.
    7. 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.
    8. Nehring, Klaus & Puppe, Clemens, 2010. "Justifiable group choice," Journal of Economic Theory, Elsevier, vol. 145(2), pages 583-602, March.
    9. Barrett, C R & Pattanaik, Prasanta K, 1987. "Aggregation of Probability Judgements," Econometrica, Econometric Society, vol. 55(5), pages 1237-1241, September.
    10. Kaneko, Mamoru & Nakamura, Kenjiro, 1979. "The Nash Social Welfare Function," Econometrica, Econometric Society, vol. 47(2), pages 423-435, March.
    11. Young, H. P., 1974. "An axiomatization of Borda's rule," Journal of Economic Theory, Elsevier, vol. 9(1), pages 43-52, September.
    12. repec:spo:wpecon:info:hdl:2441/eu4vqp9ompqllr09iepso50rh is not listed on IDEAS
    13. John List & Matti Liski, 2005. "Introduction," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 31(2), pages 121-121, June.
    14. 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.
    15. N. Lesca, 2010. "Introduction," Post-Print halshs-00640602, HAL.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Belief aggregation; belief updating; Nash welfare function;

    JEL classification:

    • C71 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Cooperative Games
    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • D74 - Microeconomics - - Analysis of Collective Decision-Making - - - Conflict; Conflict Resolution; Alliances; Revolutions

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:fau:aucocz:au2014_055. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Lenka Stastna). General contact details of provider: http://edirc.repec.org/data/icunicz.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.