Alpha-maxmin as an aggregation of two selves

Alain Chateauneuf, José Faro (), Jean-Marc Tallon and Vassili Vergopoulos ()
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José Faro: Instituto de Ensino e Pesquisa (Brazil) - Insper Institute of Education and Research
Vassili Vergopoulos: LEMMA - Laboratoire d'économie mathématique et de microéconomie appliquée - Université Paris-Panthéon-Assas

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Abstract: This paper offers a novel perspective on the α-maxmin model, taking its components as originating from distinct selves within the decision maker. Drawing from the notion of multiple selves prevalent in inter-temporal decision-making contexts, we present an aggregation approach where each self possesses its own preference relation. Contrary to existing interpretations, these selves are not merely a means to interpret the decision maker's overall utility function but are considered as primitives. Through consistency requirements, we derive an α-maxmin representation as an outcome of a convex combination of the preferences of two distinct selves. We first explore a setting involving objective information and then move on to a fully subjective derivation.

Keywords: Maxmin; Dual self; Aggregation (search for similar items in EconPapers)
Date: 2024-05
New Economics Papers: this item is included in nep-inv, nep-mic and nep-upt
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-04589094v1
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Journal Article: Alpha-maxmin as an aggregation of two selves (2024)
Working Paper: Alpha-maxmin as an aggregation of two selves (2024)
Working Paper: Alpha-maxmin as an aggregation of two selves (2024)
Working Paper: Alpha-maxmin as an aggregation of two selves (2024)
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