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Utilitarian Aggregation of Beliefs and Tastes

Author

Listed:
  • Itzhak Gilboa

    (TAU - Tel Aviv University)

  • D. Samet
  • D. Schmeidler

Abstract

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.

Suggested Citation

  • Itzhak Gilboa & D. Samet & D. Schmeidler, 2004. "Utilitarian Aggregation of Beliefs and Tastes," Post-Print hal-00481249, HAL.
    • Handle: RePEc:hal:journl:hal-00481249
    DOI: 10.1086/421173
    as

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    JEL classification:

    • C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory
    • D8 - Microeconomics - - Information, Knowledge, and Uncertainty

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