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 framework to inequality and treatment choice under ambiguity.

Smooth aggregation of Bayesian experts

Lorenzo Stanca
2021-01-01

Abstract

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 framework to inequality and treatment choice under ambiguity.
2021
196
Article number 105308
1
25
Ambiguity; Decision under uncertainty; Precautionary principle; Preference aggregation; Treatment choice
Lorenzo Stanca
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/2318/2019730
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