The Rational Group

Franz Dietrich

Documents de travail du Centre d'Economie de la Sorbonne from Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne

Abstract: Can a group be a standard rational agent? This would require the group to hold aggregate preferences which maximise expected utility and change only by Bayesian updating. Group rationality is possible, but the only preference aggregation rules which support it (and are minimally Paretian and continuous) are the linear-geometric rules, which combine individual tastes linearly and individual beliefs geometrically

Keywords: Bayesian aggregation; preference aggregation under uncertainty; expected-utility hypothesis for groups; Bayesian revision; rational group agents; linear versus geneometric opinion pooling (search for similar items in EconPapers)
JEL-codes: D71 D81 (search for similar items in EconPapers)
Date: 2020-06
New Economics Papers: this item is included in nep-evo, nep-mic, nep-ore and nep-upt
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Persistent link: https://EconPapers.repec.org/RePEc:mse:cesdoc:20014

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