Aggregation of coherent experts opinion: a tractable extreme-outcomes consistent rule

Marcello Basili and Alain Chateauneuf

No 2014-541, Working Papers from Department of Research, Ipag Business School

Abstract: The paper defines a consensus distribution with respect to experts’ opinions by a multiple quantile utility model. The paper points out that the Steiner Point is the representative consensus probability. The new rule of experts’ opinions aggregation, that can be evaluated by the Shapley value in a simple way, is prudential and coherent.

Keywords: Ambiguity; Aggregation; Steiner Point; Multiple Priors; Quantiles. (search for similar items in EconPapers)
Pages: 9 pages
Date: 2014-01-01
New Economics Papers: this item is included in nep-mic and nep-upt
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Citations: View citations in EconPapers (10)

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