EconPapers    
Economics at your fingertips  
 

Aggregation of multiple prior opinions

Hervé Crès (), Itzhak Gilboa and Nicolas Vieille
Additional contact information
Hervé Crès: ECON - Département d'économie (Sciences Po) - Sciences Po - Sciences Po - CNRS - Centre National de la Recherche Scientifique
Nicolas Vieille: 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

SciencePo Working papers Main from HAL

Abstract: Experts are asked to provide their advice in a situation of uncertainty. They adopt the decision maker's utility function, but each has a potentially different set of prior probabilities, and so does the decision maker. The decision maker and the experts maximize the minimal expected utility with respect to their sets of priors. We show that a natural Pareto condition is equivalent to the existence of a set Λ of probability vectors over the experts, interpreted as possible allocations of weights to the experts, such that (i) the decision maker's set of priors is precisely all the weighted-averages of priors, where an expert's prior is taken from her set and the weight vector is taken from Λ; (ii) the decision maker's valuation of an act is the minimal weighted valuation, over all weight vectors in Λ, of the experts' valuations.

Keywords: Aggregation of opinions; Ambiguity; Multiple priors (search for similar items in EconPapers)
Date: 2011-11
Note: View the original document on HAL open archive server: https://sciencespo.hal.science/hal-01024224
References: View references in EconPapers View complete reference list from CitEc
Citations:

Published in Journal of Economic Theory, 2011, 146 (6), pp.2563-2582. ⟨10.1016/j.jet.2011.06.018⟩

Downloads: (external link)
https://sciencespo.hal.science/hal-01024224/document (application/pdf)

Related works:
Journal Article: Aggregation of multiple prior opinions (2011) Downloads
Working Paper: Aggregation of multiple prior opinions (2011) Downloads
Working Paper: Aggregation of multiple prior opinions (2011) 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:spmain:hal-01024224

DOI: 10.1016/j.jet.2011.06.018

Access Statistics for this paper

More papers in SciencePo Working papers Main from HAL
Bibliographic data for series maintained by Contact - Sciences Po Departement of Economics ().

 
Page updated 2024-07-08
Handle: RePEc:hal:spmain:hal-01024224