Smooth aggregation of Bayesian experts

Lorenzo Stanca

Journal of Economic Theory, 2021, vol. 196, issue C

Abstract: I study the ex-ante aggregation of preferences of Bayesian agents in a purely subjective framework. I relax the assumption of a Bayesian social preference while keeping the Pareto condition. Under a simple axiom that relates society's preference to those of the agents, I obtain an additively separable representation of society's preference. Adding an ambiguity aversion axiom I obtain a representation that resembles the Smooth Ambiguity Criterion of Klibanoff et al. (2005). I then briefly consider applications of this framework to inequality and treatment choice under ambiguity.

Keywords: Preference aggregation; Decision under uncertainty; Ambiguity; Precautionary principle; Treatment choice (search for similar items in EconPapers)
JEL-codes: D71 D81 (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:jetheo:v:196:y:2021:i:c:s0022053121001253

DOI: 10.1016/j.jet.2021.105308

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