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Robust Social Decisions

Eric Danan (), Thibault Gajdos (), Brian Hill () and Jean-Marc Tallon ()
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Brian Hill: GREGH - Groupement de Recherche et d'Etudes en Gestion à HEC - HEC Paris - Ecole des Hautes Etudes Commerciales - CNRS - Centre National de la Recherche Scientifique

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Abstract: We propose and operationalize normative principles to guide social decisions when individuals potentially have imprecise and heterogeneous beliefs, in addition to conflicting tastes or interests. To do so we adapt the standard Pareto principle to those preference comparisons that are robust to belief imprecision and characterize social preferences that respect this robust principle. We also characterize a suitable restriction of this principle. The former principle provides stronger guidance when it can be satisfied; when it cannot, the latter always provides minimal guidance.

Keywords: Pareto dominance; Unambiguous preferences; Criteria for Decision-Making under Risk and Uncertainty; Associations; Preference aggregation; Social choice; Uncertainty; JEL Classification D71; D81 (search for similar items in EconPapers)
Date: 2016-09
New Economics Papers: this item is included in nep-hpe and nep-mic
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Published in American Economic Review, American Economic Association, 2016, 106 (9), pp.2407 - 2425. ⟨10.1257/aer.20150678⟩

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Journal Article: Robust Social Decisions (2016) Downloads
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DOI: 10.1257/aer.20150678

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