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...

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...

It is well known that the literature on judgement aggregation inherits the impossibility results from the aggregation of preferences that it generalises. This is due to the fact that the typical judgement aggregation problem induces an ultrafilter on the set of individuals. We propose a...

Applying a framework of perfect competition under uncertainty, we contribute to the discussion of whether or not ad valorem taxes and specific taxes are equivalent. While this equivalence holds without price uncertainty, we show that ad valorem taxes and specific taxes are “almost never”...

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...

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...

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...

A non-Archimedean utility representation theorem for independent and transitive preference orderings that are partially continuous on some convex subset and satisfy an axiom of incommensurable preference for elements outside that subset is proven. For complete preference orderings, the theorem...

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....

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...