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The Rational Group

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Abstract

Can a group be a standard rational agent? This would require the group to hold aggregate preferences which maximise expected utility and change only by Bayesian updating. Group rationality is possible, but the only preference aggregation rules which support it (and are minimally Paretian and continuous) are the linear-geometric rules, which combine individual tastes linearly and individual beliefs geometrically

Suggested Citation

  • Franz Dietrich, 2020. "The Rational Group," Documents de travail du Centre d'Economie de la Sorbonne 20014, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
    • Handle: RePEc:mse:cesdoc:20014
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    More about this item

    Keywords

    Bayesian aggregation; preference aggregation under uncertainty; expected-utility hypothesis for groups; Bayesian revision; rational group agents; linear versus geneometric opinion pooling;
    All these keywords.

    JEL classification:

    • D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty

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