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Aggregating And Updating Information

  • Hannu Salonen

We study information aggregation problems where to a set of measures a single measure of the same dimension is associated. The collection of measures could represent the beliefs of agents about the state of the world, and the aggregate would then represent the beliefs of the population. Individual measures could also represent the connectedness of agents in a social network, and the aggregate would reflect the importance of each individual. We characterize the aggregation rule that resembles the Nash welfare function. In the special case of probability aggregation problems, this rule is the only one that satisfies Bayesian updating and some well-known axioms discussed in the literature.

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Paper provided by Aboa Centre for Economics in its series Discussion Papers with number 73.

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Length: 17
Date of creation: Mar 2012
Date of revision:
Handle: RePEc:tkk:dpaper:dp73
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  1. Hervé Crès & Itzhak Gilboa & Nicolas Vieille, 2011. "Aggregation of multiple prior opinions," Sciences Po publications info:hdl:2441/eu4vqp9ompq, Sciences Po.
  2. Kaneko, Mamoru & Nakamura, Kenjiro, 1979. "The Nash Social Welfare Function," Econometrica, Econometric Society, vol. 47(2), pages 423-35, March.
  3. Christian List & Ben Polak, 2010. "Introduction to Judgment Aggregation," Cowles Foundation Discussion Papers 1753, Cowles Foundation for Research in Economics, Yale University.
  4. Giora Slutzki & Oscar Volij, 2006. "Scoring of web pages and tournaments—axiomatizations," Social Choice and Welfare, Springer, vol. 26(1), pages 75-92, January.
  5. John List & Matti Liski, 2005. "Introduction," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 31(2), pages 121-121, 06.
  6. Volij, Oscar & Palacios-Huerta, Ignacio, 2004. "The Measurment of Intellectual Influence," Staff General Research Papers 10797, Iowa State University, Department of Economics.
  7. Itzhak Gilboa & Dov Samet & David Schmeidler, 2001. "Utilitarian Aggregation of Beliefs and Tastes," Game Theory and Information 0105001, EconWPA.
  8. repec:spo:wpecon:info:hdl:2441/eu4vqp9ompqllr09iepso50rh is not listed on IDEAS
  9. Donald Saari, 2006. "Which is better: the Condorcet or Borda winner?," Social Choice and Welfare, Springer, vol. 26(1), pages 107-129, January.
  10. Pierre Barthelemy, Jean & Monjardet, Bernard, 1981. "The median procedure in cluster analysis and social choice theory," Mathematical Social Sciences, Elsevier, vol. 1(3), pages 235-267, May.
  11. Nehring, Klaus & Puppe, Clemens, 2010. "Justifiable group choice," Journal of Economic Theory, Elsevier, vol. 145(2), pages 583-602, March.
  12. Hannu Nurmi & Hannu Salonen, 2008. "More Borda Count Variations for Project Assesment," Czech Economic Review, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, vol. 2(2), pages 109-122, September.
  13. Barrett, C R & Pattanaik, Prasanta K, 1987. "Aggregation of Probability Judgements," Econometrica, Econometric Society, vol. 55(5), pages 1237-41, September.
  14. Young, H. P., 1974. "An axiomatization of Borda's rule," Journal of Economic Theory, Elsevier, vol. 9(1), pages 43-52, September.
  15. Christian List & Ben Polak, 2010. "Introduction to judgment aggregation," LSE Research Online Documents on Economics 27900, London School of Economics and Political Science, LSE Library.
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