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Arrovian aggregation of MBA preferences: An impossibility result

  • Herzberg, Frederik

Cerreia-Vioglio, Ghirardato, Maccheroni, Marinacci and Siniscalchi (Economic Theory, 48:341-375, 2011) have recently axiomatised preferences in the presence of ambiguity as Monotonic Bernoullian Archimedean (MBA) preferences. We investigate the problem of Arrovian aggregation of MBA preferences - and prove dictatorial impossibility results for both finite and infinite populations.

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Paper provided by Verein für Socialpolitik / German Economic Association in its series Annual Conference 2013 (Duesseldorf): Competition Policy and Regulation in a Global Economic Order with number 79957.

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Date of creation: 2013
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Handle: RePEc:zbw:vfsc13:79957
Contact details of provider: Web page: http://www.socialpolitik.org/
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  1. Gilboa, Itzhak & Schmeidler, David, 1989. "Maxmin expected utility with non-unique prior," Journal of Mathematical Economics, Elsevier, vol. 18(2), pages 141-153, April.
  2. Frederik Herzberg & Daniel Eckert, 2010. "Impossibility results for infinite-electorate abstract aggregation rules," Working Papers 427, Bielefeld University, Center for Mathematical Economics.
  3. Fabio Maccheroni & Massimo Marinacci & Aldo Rustichini, 2006. "Ambiguity Aversion, Robustness, and the Variational Representation of Preferences," Econometrica, Econometric Society, vol. 74(6), pages 1447-1498, November.
  4. Thibault Gajdos & Jean-Marc Tallon & Jean-Christophe Vergnaud, 2008. "Representation and aggregation of preferences under uncertainty," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00266049, HAL.
  5. Hans Föllmer & Alexander Schied, 2002. "Convex measures of risk and trading constraints," Finance and Stochastics, Springer, vol. 6(4), pages 429-447.
  6. repec:hal:journl:halshs-00266049 is not listed on IDEAS
  7. Herzberg, Frederik & Eckert, Daniel, 2012. "The model-theoretic approach to aggregation: Impossibility results for finite and infinite electorates," Mathematical Social Sciences, Elsevier, vol. 64(1), pages 41-47.
  8. Thomas J. Sargent & LarsPeter Hansen, 2001. "Robust Control and Model Uncertainty," American Economic Review, American Economic Association, vol. 91(2), pages 60-66, May.
  9. Lauwers, Luc & Van Liedekerke, Luc, 1995. "Ultraproducts and aggregation," Journal of Mathematical Economics, Elsevier, vol. 24(3), pages 217-237.
  10. John C. Harsanyi, 1955. "Cardinal Welfare, Individualistic Ethics, and Interpersonal Comparisons of Utility," Journal of Political Economy, University of Chicago Press, vol. 63, pages 309.
  11. Campbell, Donald E., 1990. "Intergenerational social choice without the Pareto principle," Journal of Economic Theory, Elsevier, vol. 50(2), pages 414-423, April.
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