Robust Social Decisions

• 成果类型: Article
• 署名作者: Danan, Eric; Gajdos, Thibault; Hill, Brian; Tallon, Jean-Marc
• 署名单位: Centre National de la Recherche Scientifique (CNRS); CY Cergy Paris Universite; Aix-Marseille Universite; Centre National de la Recherche Scientifique (CNRS); Centre National de la Recherche Scientifique (CNRS); Universite Paris Saclay; Hautes Etudes Commerciales (HEC) Paris; Centre National de la Recherche Scientifique (CNRS); Paris School of Economics
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282
• DOI: 10.1257/aer.20150678
• 发表日期: 2016
• 页码: 2407-2425
• 关键词: AGGREGATION THEOREM; expected utility; ambiguity; beliefs; REPRESENTATION; preferences; imprecise; welfare; models; RISK

摘要

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.