Alpha-maxmin as an aggregation of two selves

Alain Chateauneuf, José Heleno Faro, Jean-Marc Tallon and Vassili Vergopoulos

Journal of Mathematical Economics, 2024, vol. 113, issue C

Abstract: This paper offers a novel perspective on the α-maxmin model, taking its components as originating from distinct selves within the decision maker. Drawing from the notion of multiple selves prevalent in inter-temporal decision-making contexts, we present an aggregation approach where each self possesses its own preference relation. Contrary to existing interpretations, these selves are not merely a means to interpret the decision maker’s overall utility function but are considered as primitives. Through consistency requirements, we derive an α-maxmin representation as an outcome of a convex combination of the preferences of two distinct selves. We first explore a setting involving objective information and then move on to a fully subjective derivation.

Keywords: Maxmin; Dual self; Aggregation (search for similar items in EconPapers)
Date: 2024
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Working Paper: Alpha-maxmin as an aggregation of two selves (2024)
Working Paper: Alpha-maxmin as an aggregation of two selves (2024)
Working Paper: Alpha-maxmin as an aggregation of two selves (2024)
Working Paper: Alpha-maxmin as an aggregation of two selves (2024)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:mateco:v:113:y:2024:i:c:s0304406824000661

DOI: 10.1016/j.jmateco.2024.103006

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