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Preference Aggregation With Incomplete Information

We show in an environment of incomplete information that monotonicity and the Pareto property applied only when there is common knowledge of Pareto dominance imply (i) there must exist a common prior over the smallest common knowledge event, and (ii) aggregation must be ex ante and ex post utilitarian with respect to that common prior and individual von Neumann–Morgenstern utility indices.
Year of publication:
2014
Authors: Chambers, Christopher P. ; Hayashi, Takashi
Published in:
Econometrica. - Econometric Society. - Vol. 82.2014, 2, p. 589-599
Publisher: Econometric Society
Type of publication: Article
Source:
Persistent link: https://www.econbiz.de/10010795635
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