Aggregating sets of von Neumann-Morgenstern utilities
We analyze the aggregation problem without the assumption that individuals and society have fully determined and observable preferences. More precisely, we endow individuals ans society with sets of possible von Neumann-Morgenstern utility functions over lotteries. We generalize the classical neutrality assumption to this setting and characterize the class of neutral social welfare function. This class turns out to be considerably broader for indeterminate than for determinate utilities, where it basically reduces to utilitarianism. In particular, aggregation rules may differ by the relationship between individual and social indeterminacy. We characterize several subclasses of neutral aggregation rules and show that utilitarian rules are those that yield the least indeterminate social utilities, although they still fail to systematically yield a determinate social utility.
|Date of creation:||Jul 2010|
|Date of revision:|
|Publication status:||Published in Documents de travail du Centre d'Economie de la Sorbonne 2010.68 - ISSN : 1955-611X. 2010|
|Note:||View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-00523448|
|Contact details of provider:|| Web page: https://hal.archives-ouvertes.fr/|
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Dekel, Eddie & Lipman, Barton L & Rustichini, Aldo, 2001.
"Representing Preferences with a Unique Subjective State Space,"
Econometric Society, vol. 69(4), pages 891-934, July.
- Eddie Dekel, 1997. "A Unique Subjective State Space for Unforeseen Contingencies," Discussion Papers 1202, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Baucells, Manel & Shapley, Lloyd S., 2008.
Games and Economic Behavior,
Elsevier, vol. 62(2), pages 329-347, March.
- Lloyd S. Shapley & Manel Baucells, 1998. "Multiperson Utility," UCLA Economics Working Papers 779, UCLA Department of Economics.
- Manel Baucells & Lloyd S. Shapley, 2000. "Multiperson Utility," Econometric Society World Congress 2000 Contributed Papers 0078, Econometric Society.
- Sen, Amartya K, 1977. "On Weights and Measures: Informational Constraints in Social Welfare Analysis," Econometrica, Econometric Society, vol. 45(7), pages 1539-72, October.
- Kreps, David M, 1979. "A Representation Theorem for "Preference for Flexibility"," Econometrica, Econometric Society, vol. 47(3), pages 565-77, May.
- Green, Jerry & Hojman, Daniel, 2007. "Choice, Rationality and Welfare Measurement," Working Paper Series rwp07-054, Harvard University, John F. Kennedy School of Government.
- Juan Dubra & Fabio Maccheroni & Efe Oki, 2001.
"Expected utility theory without the completeness axiom,"
ICER Working Papers - Applied Mathematics Series
11-2001, ICER - International Centre for Economic Research.
- Dubra, Juan & Maccheroni, Fabio & Ok, Efe A., 2004. "Expected utility theory without the completeness axiom," Journal of Economic Theory, Elsevier, vol. 115(1), pages 118-133, March.
- Juan Dubra & Fabio Maacheroni & Efe A. Ok, 2001. "Expected Utility Theory without the Completeness Axiom," Cowles Foundation Discussion Papers 1294, Cowles Foundation for Research in Economics, Yale University.
- Blau, Julian H, 1971. "Arrow's Theorem with Weak Independence," Economica, London School of Economics and Political Science, vol. 38(152), pages 413-20, November.
- Philippe Mongin, 2001.
"A note on mixture sets in decision theory,"
Decisions in Economics and Finance,
Springer;Associazione per la Matematica, vol. 24(1), pages 59-69, 05.
- P. Mongin, 1997. "A note on mixture sets in decision theory," THEMA Working Papers 97-24, THEMA (THéorie Economique, Modélisation et Applications), Université de Cergy-Pontoise.
- MONGIN, Philippe, 1996. "A Note on Mixture Sets in Decision Theory," CORE Discussion Papers 1996008, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- d'ASPREMONT, Claude & GEVERS, Louis, .
"Equity and the informational basis of collective choice,"
CORE Discussion Papers RP
350, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Claude D'Aspremont & Louis Gevers, 1977. "Equity and the Informational Basis of Collective Choice," Review of Economic Studies, Oxford University Press, vol. 44(2), pages 199-209.
- Gil Kalai & Ariel Rubenstein & Ran Spiegler, 2001.
"Rationalizing Choice Functions by Multiple Rationales,"
Economics Working Papers
0010, Institute for Advanced Study, School of Social Science.
- Gil Kalai & Ariel Rubinstein & Ran Spiegler, 2002. "Rationalizing Choice Functions By Multiple Rationales," Econometrica, Econometric Society, vol. 70(6), pages 2481-2488, November.
- Gil Kalai & Ariel Rubinstein & Ran Spiegler, 2001. "Rationalizing Choice Functions by Multiple Rationales," Discussion Paper Series dp278, The Federmann Center for the Study of Rationality, the Hebrew University, Jerusalem.
- Attila Ambrus & Kareen Rozen, 2012.
"Rationalizing Choice with Multi-Self Models,"
Levine's Working Paper Archive
786969000000000512, David K. Levine.
- Attila Ambrus & Kareen Rozen, 2008. "Rationalizing Choice with Multi-Self Models," Cowles Foundation Discussion Papers 1670, Cowles Foundation for Research in Economics, Yale University, revised May 2012.
- Attila Ambrus & Kareen Rozen, 2012. "Rationalizing Choice with Multi-Self Models," Working Papers 12-11, Duke University, Department of Economics.
- Evren, Özgür & Ok, Efe A., 2011. "On the multi-utility representation of preference relations," Journal of Mathematical Economics, Elsevier, vol. 47(4-5), pages 554-563.
When requesting a correction, please mention this item's handle: RePEc:hal:cesptp:halshs-00523448. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (CCSD)
If references are entirely missing, you can add them using this form.