Showing 1 - 10 of 19
This paper builds on a recent proposal for microeconomic foundations for "representative agents". Herzberg [Journal of Mathematical Economics, vol. 46, no. 6, 1115-1124 (2010)] constructed a representative utility function for infinite-dimensional social decision problems and since the decision...
Persistent link: https://www.econbiz.de/10010929862
It is shown that the Pazner-Schmeidler social ordering appears as a very natural solution to the problem of defining social preferences over distributions of a fixed bundle of divisible goods. The paper follows an approach to preference aggregation which relies only on interpersonally...
Persistent link: https://www.econbiz.de/10005002282
It has become accepted that social choice is impossible in absence of interpersonal comparisons of well-being. This view is challenged here. Arrow obtained an impossibility theorem only by making unreasonable demands on social choice functions. With reasonable requirements, one can get very...
Persistent link: https://www.econbiz.de/10008631452
Persistent link: https://www.econbiz.de/10005687754
The problem of how to rationally aggregate probability measures occurs in particular (i) when a group of agents, each holding probabilistic beliefs, needs to rationalise a collective decision on the basis of a single ‘aggregate belief system’ and (ii) when an individual whose belief system...
Persistent link: https://www.econbiz.de/10011098634
Cerreia-Vioglio, Ghirardato, Maccheroni, Marinacci and Siniscalchi (Economic Theory, 48:341--375, 2011) have recently proposed a very general axiomatisation of preferences in the presence of ambiguity, viz. Monotonic Bernoullian Archimedean (MBA) preference orderings. This paper investigates the...
Persistent link: https://www.econbiz.de/10011098639
Amartya Sen (1970) has shown that three natural desiderata for social choice rules are inconsistent: universal domain, respect for unanimity, and respect for some minimal rights — which can be interpreted as either expert rights or liberal rights. Dietrich and List (2008) have generalised this...
Persistent link: https://www.econbiz.de/10010897079
In this paper we are interested in efficient and individually rational exchange rules for markets with heterogeneous indivisible goods that exclude the possibility that an agent benefits by regrouping goods in her initial endowment. We present a suitable environment in which the existence of...
Persistent link: https://www.econbiz.de/10005002272
In this paper we axiomatically characterize two recursive procedures for defining a social group. The first procedure starts with the set of all individuals who are defined by everyone in the society as group members, while the starting point of the second procedure is the set of all individuals...
Persistent link: https://www.econbiz.de/10005002274
The theory of Boolean algebras can be fruitfully applied to judgment aggregation: Assuming universality, systematicity and a sufficiently rich agenda, there is a correspondence between (i) non-trivial deductively closed judgment aggregators and (ii) Boolean algebra homomorphisms defined on the...
Persistent link: https://www.econbiz.de/10005002280