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Aggregating Tastes, Beliefs, and Attitudes under Uncertainty

Eric Danan (), Thibault Gajdos (), Brian Hill () and Jean-Marc Tallon ()

No 2014-13, THEMA Working Papers from THEMA (THéorie Economique, Modélisation et Applications), Université de Cergy-Pontoise

Abstract: We provide possibility results on the aggregation of beliefs and tastes for Monotone, Bernoullian and Archimedian preferences of Cerreia-Vioglio, Ghirardato, Maccheroni, Marinacci, and Siniscalchi (2011). We propose a new axiom, Unambiguous Pareto Dominance, which requires that if the unambiguous part of individuals’ preferences over a pair of acts agree, then society should follow them. We characterize the resulting social preferences and show that it is enough that individuals share a prior to allow non dictatorial aggregation. A further weakening of this axiom on common-taste acts, where cardinal preferences are identical, is also characterized. It gives rise to a set of relevant priors at the social level that can be any subset of the convex hull of the individuals’ sets of relevant priors. We then apply these general results to the Maxmin Expected Utility model, the Choquet Expected Utility model and the Smooth Ambiguity model. We end with a characterization of the aggregation of ambiguity attitudes.

Keywords: Preference Aggregation; Social Choice; Uncertainty (search for similar items in EconPapers)
JEL-codes: D71 D81 (search for similar items in EconPapers)
Date: 2014
New Economics Papers: this item is included in nep-mic and nep-upt
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Working Paper: Aggregating Tastes, Beliefs, and Attitudes Under Uncertainty (2014) Downloads
Working Paper: Aggregating Tastes, Beliefs, and Attitudes under Uncertainty (2014) Downloads
Working Paper: Aggregating Tastes, Beliefs, and Attitudes under Uncertainty (2014) Downloads
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