Consensus group decision making under model uncertainty with a view towards environmental policy making

Phoebe Koundouri (), Georgios I. Papayiannis, Electra V. Petracou and Athanasios N. Yannacopoulos

Papers from arXiv.org

Abstract: In this paper we propose a consensus group decision making scheme under model uncertainty consisting of an iterative two-stage procedure and based on the concept of Fr\'echet barycenter. Each step consists of two stages: the agents first update their position in the opinion metric space by a local barycenter characterized by the agents' immediate interactions and then a moderator makes a proposal in terms of a global barycenter, checking for consensus at each step. In cases of large heterogeneous groups the procedure can be complemented by an auxiliary initial homogenization step, consisting of a clustering procedure in opinion space, leading to large homogeneous groups for which the aforementioned procedure will be applied. The scheme is illustrated in examples motivated from environmental economics.

Date: 2023-12
New Economics Papers: this item is included in nep-cdm and nep-env
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Published in Environmental and Resource Economics, 2024

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http://arxiv.org/pdf/2312.00436 Latest version (application/pdf)

Related works:
Working Paper: Consensus group decision making under model uncertainty with a view towards environmental policy making (2023)
Working Paper: Consensus group decision making under model uncertainty with a view towards environmental policy making (2023)
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Persistent link: https://EconPapers.repec.org/RePEc:arx:papers:2312.00436

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