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- Power Indices And The Veil Of Ignorance

Author

Listed:
  • Federico Valenciano

    (Universidad del País Vasco)

  • Annick Laruelle

    (Universidad de Alicante)

Abstract

We provide an axiomatic foundation of the expected utility preferences over lotteries on roles in simple superadditive games represented by the two main power indices, the Shapley-Shubik index and the Banzhaf index, when they are interpreted as von Neumann-Morgenstern utility functions. Our axioms admit meaningful interpretations in the setting proposed by Roth in terms of different attitudes toward risk involving roles in collective decision procedures under the veil of ignorance. In particular, an illuminating interpretation of ''efficiency'', up to now missing in this set up, as well as of the corresponding axiom for the Banzhaf index, is provided.

Suggested Citation

  • Federico Valenciano & Annick Laruelle, 2000. "- Power Indices And The Veil Of Ignorance," Working Papers. Serie AD 2000-13, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
  • Handle: RePEc:ivi:wpasad:2000-13
    as

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    File URL: http://www.ivie.es/downloads/docs/wpasad/wpasad-2000-13.pdf
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    References listed on IDEAS

    as
    1. Blair, Douglas H. & McLean, Richard P., 1990. "Subjective evaluations of n-person games," Journal of Economic Theory, Elsevier, vol. 50(2), pages 346-361, April.
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    Cited by:

    1. Di Giannatale, Paolo & Passarelli, Francesco, 2013. "Voting chances instead of voting weights," Mathematical Social Sciences, Elsevier, vol. 65(3), pages 164-173.
    2. Annick Laruelle & Federico Valenciano, 2005. "A critical reappraisal of some voting power paradoxes," Public Choice, Springer, vol. 125(1), pages 17-41, July.
    3. Annick Laruelle & Federico Valenciano, 2008. "Potential, value, and coalition formation," TOP: An Official Journal of the Spanish Society of Statistics and Operations Research, Springer;Sociedad de Estadística e Investigación Operativa, vol. 16(1), pages 73-89, July.
    4. Carreras, Francesc & Freixas, Josep, 2008. "On ordinal equivalence of power measures given by regular semivalues," Mathematical Social Sciences, Elsevier, vol. 55(2), pages 221-234, March.
    5. Federico Valenciano & Annick Laruelle, 2003. "Potential, Value And Probability," Working Papers. Serie AD 2003-01, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).

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