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...

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 is...

We refine the discretization of G-expectation by Y. Dolinsky, M.Nutz, and M. Soner (Stochastic Processes and their Applications, 122 (2012), 664-675), in order to obtain a discretization of sublinear expectation where the martingale laws are defined on a finite lattice rather than the whole set...

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...

¡os's theorem for (bounded) D-ultrapowers, D being the ultrafilter introduced by Kanovei and Shelah [Journal of Symbolic Logic, 69(1):159-164, 2004], can be established within Zermelo-Fraenkel set theory plus Countable Choice (ZF+ACw). Thus, the Transfer Principle for both Kanovei and Shelah's...

For a continuous-time financial market with a single agent, we establish equilibrium pricing formulae under the assumption that the dividends follow an exponential Lévy process. The agent is allowed to consume a lump at the terminal date; before, only flow consumption is allowed. The agent's...

Eliaz (2004) has established a 'meta-theorem' for preference aggregation which implies both Arrow's Theorem (1963) and the Gibbard-Satterthwaite Theorem (1973, 1975). This theorem shows that the driving force behind impossibility theorems in preference aggregation is the mutual exclusiveness of...

This article shows that the nonstandard approach to stochastic integration with respect to (C² functions of) Lévy processes is consistent with the classical theory of pathwise stochastic integration with respect to (C² functions of) jump-diffusions with finite-variation jump part. It is...

It is well known that the literature on judgment aggregation inherits the impossibility results from the aggregation of preferences that it generalises. This is due to the fact that the typical judgment aggregation problem induces an ultrafilter on the the set of individuals, as was shown in a...

This paper studies collective decision making with regard to convex risk measures: It addresses the question whether there exist nondictatorial aggregation functions of convex risk measures satisfying Arrow-type rationality axioms (weak universality, systematicity, Pareto principle). Herein,...