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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- DEÂ MEYER, Bernard & MONGINÂ , Philippe, 1994.
"A Note on Affine Aggregation,"
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"The paradox of the Bayesian experts and state-dependent utility theory,"
THEMA Working Papers
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- 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).
- 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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