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Preference Aggregation under Uncertainty: Savage vs. Pareto

Listed author(s):
  • Chambers, Christopher
  • Takashi Hayashi

Following Mongin [12, 13], we study social aggregation of subjective expected utility preferences in a Savage framework. We argue that each of Savage's P3 and P4 and incompatible with the Strong Pareto property. A representation theorem for social preferences satisfying Pareto indifference and conforming to the state-dependent expected utility model is provided.

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File URL: http://www.hss.caltech.edu/SSPapers/wp1184.pdf
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Paper provided by California Institute of Technology, Division of the Humanities and Social Sciences in its series Working Papers with number 1184.

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Length: 11 pages
Date of creation: Nov 2003
Publication status: Published: published in Games and Economic Behavior 54(2006) pp. 430-440.
Handle: RePEc:clt:sswopa:1184
Contact details of provider: Postal:
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Web page: http://www.hss.caltech.edu/ss
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Order Information: Postal: Working Paper Assistant, Division of the Humanities and Social Sciences, 228-77, Caltech, Pasadena CA 91125
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  1. Gilboa, Itzhak & Schmeidler, David, 1989. "Maxmin expected utility with non-unique prior," Journal of Mathematical Economics, Elsevier, vol. 18(2), pages 141-153, April.
  2. De Meyer, B. & Mongin, P., "undated". "A note on affine aggregation," CORE Discussion Papers RP 1136, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  3. MONGIN, Philippe, 1993. "Consistent Bayesian Aggregation," CORE Discussion Papers 1993019, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  4. Hylland, Aanund & Zeckhauser, Richard J, 1979. "The Impossibility of Bayesian Group Decision Making with Separate Aggregation of Beliefs and Values," Econometrica, Econometric Society, vol. 47(6), pages 1321-1336, November.
  5. Machina, Mark J & Schmeidler, David, 1992. "A More Robust Definition of Subjective Probability," Econometrica, Econometric Society, vol. 60(4), pages 745-780, July.
  6. Itzhak Gilboa & D. Samet & D. Schmeidler, 2004. "Utilitarian Aggregation of Beliefs and Tastes," Post-Print hal-00481249, HAL.
  7. MONGIN, Philippe & d'ASPREMONT, Claude, "undated". "Utility theory and ethics," CORE Discussion Papers RP 1423, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  8. Karni, Edi & Schmeidler, David & Vind, Karl, 1983. "On State Dependent Preferences and Subjective Probabilities," Econometrica, Econometric Society, vol. 51(4), pages 1021-1031, July.
  9. MONGIN, Philippe, 1996. "The Paradox of the Bayesian Experts and State-Dependent Utility Theory," CORE Discussion Papers 1996026, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  10. Schmeidler, David, 1989. "Subjective Probability and Expected Utility without Additivity," Econometrica, Econometric Society, vol. 57(3), pages 571-587, May.
  11. Charles Blackorby & David Donaldson & Philippe Mongin, 2004. "Social Aggregation Without the Expected Utility Hypothesis," Working Papers hal-00242932, HAL.
  12. Kin Chung Lo, 1996. "Weighted and quadratic models of choice under uncertainty," Economics Letters, Elsevier, vol. 50(3), pages 381-386, March.
  13. John C. Harsanyi, 1955. "Cardinal Welfare, Individualistic Ethics, and Interpersonal Comparisons of Utility," Journal of Political Economy, University of Chicago Press, vol. 63, pages 309-309.
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