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|
|Contact details of provider:|| Postal: Israel TEL-AVIV UNIVERSITY, THE FOERDER INSTITUTE FOR ECONOMIC RESEARCH, RAMAT AVIV 69 978 TEL AVIV ISRAEL.|
Web page: http://econ.tau.ac.il/foerder/about
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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).
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- Bernard De Meyer & Philippe Mongin, 1995.
"A note on affine aggregation,"
Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers)
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- 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).
- 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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"Consistent Bayesian aggregation,"
CORE Discussion Papers RP
1176, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- 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.
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