Smooth aggregation of Bayesian experts

• 成果类型: Article
• 署名作者: Stanca, Lorenzo
• 署名单位: Northwestern University
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2021.105308
• 发表日期: 2021
• 关键词: Preference aggregation; Decision under uncertainty; ambiguity; precautionary principle; Treatment choice

摘要

I study the ex-ante aggregation of preferences of Bayesian agents in a purely subjective framework. I relax the assumption of a Bayesian social preference while keeping the Pareto condition. Under a simple axiom that relates society's preference to those of the agents, I obtain an additively separable representation of society's preference. Adding an ambiguity aversion axiom I obtain a representation that resembles the Smooth Ambiguity Criterion of Klibanoff et al. (2005). I then briefly consider applications of this frame-work to inequality and treatment choice under ambiguity. (c) 2021 Elsevier Inc. All rights reserved.