EconPapers    
Economics at your fingertips  
 

Fully Bayesian Aggregation

Franz Dietrich

Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) from HAL

Abstract: Can a group be an orthodox rational agent? This requires the group's aggregate preferences to follow expected utility (static rationality) and to evolve by Bayesian updating (dynamic rationality). Group rationality is possible, but the only prefefence aggregation rules which achieve it (and are minimally Paretian and continuous) are the linear-geometric rules, which combine individual values linearly and individual beliefs geometrically. Linear-geometric preference aggregation contrasts with classic linear-linear preference aggregation, which combines both values and beliefs linearly, and achieves only static rationality. Our characterisation of linear-geometric preference aggregation implies as corollaries a characterisation of linear value aggregation (Harsanyi's Theorem) and a characterisation of geometric belief aggregation.

Keywords: spurious unanimity; rational group agent; uncertainty; preference aggregation; opinion pooling; static versus dynamic rationality; expected-utility hypothesis; Bayesianism; group rationality versus Praetianism; ex-ante versus ex-port Pareto (search for similar items in EconPapers)
Date: 2021-01
New Economics Papers: this item is included in nep-mic and nep-upt
Note: View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-02905409v3
References: View complete reference list from CitEc
Citations: Track citations by RSS feed

Published in 2021

Downloads: (external link)
https://halshs.archives-ouvertes.fr/halshs-02905409v3/document (application/pdf)

Related works:
Journal Article: Fully Bayesian aggregation (2021) Downloads
Working Paper: Fully Bayesian Aggregation (2021) Downloads
Working Paper: Fully Bayesian Aggregation (2021) Downloads
Working Paper: Fully Bayesian Aggregation (2021) Downloads
Working Paper: Fully Bayesian Aggregation (2021) Downloads
Working Paper: Fully Bayesian Aggregation (2021) Downloads
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:hal:cesptp:halshs-02905409

Access Statistics for this paper

More papers in Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) from HAL
Bibliographic data for series maintained by CCSD ().

 
Page updated 2021-07-20
Handle: RePEc:hal:cesptp:halshs-02905409