Utilitarian Aggregation of Beliefs and Tastes
Several 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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|Date of creation:||2001|
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- MONGIN, Philippe, 1993.
"Consistent Bayesian Aggregation,"
CORE Discussion Papers
1993019, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- De Meyer, Bernard & Mongin, Philippe, 1995.
"A note on affine aggregation,"
Elsevier, vol. 47(2), pages 177-183, February.
- 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.
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- P. Mongin., 1997.
"The paradox of the Bayesian experts and state-dependent utility theory,"
THEMA Working Papers
97-15, THEMA (THéorie Economique, Modélisation et Applications), Université de Cergy-Pontoise.
- Mongin, Philippe, 1998. "The paradox of the Bayesian experts and state-dependent utility theory," Journal of Mathematical Economics, Elsevier, vol. 29(3), pages 331-361, April.
- 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).
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