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In many decisions under uncertainty, there are constraints on both the available information and the feasible actions. The agent can only make certain observations of the state space, and she cannot make them with perfect accuracy — she has imperfect perception. Likewise, she can only perform...
Persistent link: https://www.econbiz.de/10012922515
In many decisions under uncertainty, there are technological constraints on the acts an agent can perform and on the events she can observe. To model this, we assume that the set S of possible states of the world and the set X of possible outcomes each have a topological structure. The only...
Persistent link: https://www.econbiz.de/10012922525
How should we aggregate the ex ante preferences of Bayesian agents with heterogeneous beliefs? Suppose the state of the world is described by a random process that unfolds over time. Different agents have different beliefs about the probabilistic laws governing this process. As new information...
Persistent link: https://www.econbiz.de/10012825219
Let X be a connected metric space, let N be the set of natural numbers, and let be a preference order defined on a suitable subset of X^N. I characterize when has a Cesàro average utility representation. This means that there is a continuous function u from X into the real numbers, such that...
Persistent link: https://www.econbiz.de/10012825237
An agent faces a decision under uncertainty with the following structure. There is a set A of “acts”; each will yield an unknown real-valued payoff. Linear combinations of acts are feasible; thus, A is a vector space. But there is no pre-specified set of states of nature. Instead, there is a...
Persistent link: https://www.econbiz.de/10012912951
We consider a model of intertemporal choice where time is a continuum, the set of instantaneous outcomes (e.g. consumption bundles) is a topological space, and where intertemporal plans (e.g. consumption streams) must be continuous functions of time. We assume the agent can form preferences over...
Persistent link: https://www.econbiz.de/10012912953
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Deterministic voting rules are notoriously susceptible to strategic voting. We propose a new solution to this problem for large electorates. For any deterministic voting rule, we can design a stochastic rule that asymptotically approximates it in the following sense: for a sufficiently large...
Persistent link: https://www.econbiz.de/10014126560
Which is the best, impartially most plausible consensus view to serve as the basis of democratic group decision when voters disagree? Assuming that the judgement aggregation problem can be framed as a matter of judging a set of binary propositions (“issues”), we develop a multi-issue...
Persistent link: https://www.econbiz.de/10014116755