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ultraproduct of the reals with respect to the ultrafilter of decisive coalitions; this construction explicitly determines the …
Persistent link: https://www.econbiz.de/10010272588
impossibility results for free ultrafilters: The domain of an ultraproduct over a free ultrafilter extends the individual factor … preferences that it generalises. This is due to the fact that the typical judgment aggregation problem induces an ultrafilter on …, dictatorship then immediately follows from the principality of an ultrafilter on a finite set. This is not the case for an infinite …
Persistent link: https://www.econbiz.de/10010272584
This paper studies collective decision making with regard to convex risk measures: It addresses the question whether there exist nondictatorial aggregation functions of convex risk measures satisfying Arrow-type rationality axioms (weak universality, systematicity, Pareto principle). Herein,...
Persistent link: https://www.econbiz.de/10010272587
-respecting, systematic judgment aggregation functions is established. The proof constructs an ultraproduct of profiles, viewed as … propositional structures, with respect to the ultrafilter of decisive coalitions. This representation theorem can be used to prove …
Persistent link: https://www.econbiz.de/10010272601
The problem of how to rationally aggregate probability measures occurs in particular (i) when a group of agents, each holding probabilistic beliefs, needs to rationalise a collective decision on the basis of a single 'aggregate belief system' and (ii) when an individual whose belief system is...
Persistent link: https://www.econbiz.de/10010352824
all symmetric equilibria of these voting games. Second, we show that ambiguity may drastically undermine McLennan's (1998 …) results on decision quality: unlike in the absence of ambiguity, the ex ante optimal symmetric strategy profile need not be an …
Persistent link: https://www.econbiz.de/10014551560
axiomatised preferences in the presence of ambiguity as Monotonic Bernoullian Archimedean (MBA) preferences. We investigate the …
Persistent link: https://www.econbiz.de/10010329471
Ryan (2019), given a closed and convex set of priors, ambiguity-averse voters would select a prior from this set in a …
Persistent link: https://www.econbiz.de/10012227769
Heterogeneous beliefs among market participants can lead to questionable speculative trading that goes beyond any risk-sharing motives. We demonstrate that such unwarranted betting behavior in market equilibrium can be mitigated by introducing nonlinear pricing for ambiguous contracts, without...
Persistent link: https://www.econbiz.de/10015325527
Probabilistic risk beliefs are key drivers of economic and health decisions, but people are not always certain about their beliefs. We study these "imprecise probabilities", also known as ambiguous beliefs. We show that imprecision is measurable separately from the levels of risk beliefs. People...
Persistent link: https://www.econbiz.de/10014469382