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|
|Date of revision:|
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Web page: http://econ.tau.ac.il/research/foerder.aspEmail:
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- De Meyer, Bernard & Mongin, Philippe, 1995.
"A note on affine aggregation,"
Elsevier, vol. 47(2), pages 177-183, February.
- De Meyer, B. & Mongin, P., . "A note on affine aggregation," CORE Discussion Papers RP -1136, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- DE MEYER, Bernard & MONGIN , Philippe, 1994. "A Note on Affine Aggregation," CORE Discussion Papers 1994014, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Mongin, Philippe, 1998.
"The paradox of the Bayesian experts and state-dependent utility theory,"
Journal of Mathematical Economics,
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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).
- MONGIN, Philippe, . "The paradox of the Bayesian experts and state-dependent utility theory," CORE Discussion Papers RP -1312, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- 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.
- 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.
- MONGIN, Philippe, 1993.
"Consistent Bayesian Aggregation,"
CORE Discussion Papers
1993019, 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 1321-36, November.
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