This article investigates the representative-agent hypothesis for an infinite population which has to make a social choice from a given finite-dimensional space of alternatives. It is assumed that some class of admissible strictly concave utility functions is exogenously given and that each...

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...

The relationship between propositional model theory and social decision making via premise-based procedures is explored. A one-to-one correspondence between ultrafilters on the population set and weakly universal, unanimity-respecting, systematic judgment aggregation functions is established....

This article shows that the nonstandard approach to stochastic integration with respect to (C^2 functions of) Lévy processes is consistent with the classical theory of pathwise stochastic integration with respect to (C^2 functions of) jump-diffusions with finite-variation jump part. It is...

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...

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,...

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...

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...