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We consider the aggregation of individual agents’ von Neumann- Morgenstern preferences over lotteries into a social planner’s von Neumann-Morgenstern preference. We start from Harsanyi’s [18] axiomatization of utilitarianism, and ask under which conditions a social preference order that...
Persistent link: https://www.econbiz.de/10011744919
We define and investigate a property of mechanisms that we call “strategic simplicity,” and that is meant to capture the idea that, in strategically simple mechanisms, strategic choices are easy. We define a mechanism to be strategically simple if strategic choices can be based on...
Persistent link: https://www.econbiz.de/10011794183