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A theorem for Bayesian group decisions

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  • Ralph Keeney
  • Robert Nau

Abstract

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Suggested Citation

  • Ralph Keeney & Robert Nau, 2011. "A theorem for Bayesian group decisions," Journal of Risk and Uncertainty, Springer, vol. 43(1), pages 1-17, August.
    • Handle: RePEc:kap:jrisku:v:43:y:2011:i:1:p:1-17
    DOI: 10.1007/s11166-011-9121-5
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    References listed on IDEAS

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    1. Mongin, Philippe, 1998. "The paradox of the Bayesian experts and state-dependent utility theory," Journal of Mathematical Economics, Elsevier, vol. 29(3), pages 331-361, April.
    2. Itzhak Gilboa & Dov Samet & David Schmeidler, 2004. "Utilitarian Aggregation of Beliefs and Tastes," Journal of Political Economy, University of Chicago Press, vol. 112(4), pages 932-938, August.
    3. Peter C. Fishburn, 1965. "Independence in Utility Theory with Whole Product Sets," Operations Research, INFORMS, vol. 13(1), pages 28-45, February.
    4. Chambers, Christopher P. & Hayashi, Takashi, 2006. "Preference aggregation under uncertainty: Savage vs. Pareto," Games and Economic Behavior, Elsevier, vol. 54(2), pages 430-440, February.
    5. Keeney,Ralph L. & Raiffa,Howard, 1993. "Decisions with Multiple Objectives," Cambridge Books, Cambridge University Press, number 9780521438834, January.
    6. Mongin Philippe, 1995. "Consistent Bayesian Aggregation," Journal of Economic Theory, Elsevier, vol. 66(2), pages 313-351, August.
    7. Karni, Edi, 2007. "Foundations of Bayesian theory," Journal of Economic Theory, Elsevier, vol. 132(1), pages 167-188, January.
    8. Karni, Edi & Schmeidler, David & Vind, Karl, 1983. "On State Dependent Preferences and Subjective Probabilities," Econometrica, Econometric Society, vol. 51(4), pages 1021-1031, July.
    9. John C. Harsanyi, 1955. "Cardinal Welfare, Individualistic Ethics, and Interpersonal Comparisons of Utility," Journal of Political Economy, University of Chicago Press, vol. 63(4), pages 309-309.
    10. Hylland, Aanund & Zeckhauser, Richard J, 1979. "The Impossibility of Bayesian Group Decision Making with Separate Aggregation of Beliefs and Values," Econometrica, Econometric Society, vol. 47(6), pages 1321-1336, November.
    11. Ramsey, Frank P., 1926. "Truth and Probability," Histoy of Economic Thought Chapters, in: Braithwaite, R. B. (ed.),The Foundations of Mathematics and other Logical Essays, chapter 7, pages 156-198, McMaster University Archive for the History of Economic Thought.
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    Citations

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    Cited by:

    1. Eric Danan & Thibault Gajdos & Jean-Marc Tallon, 2015. "Harsanyi's Aggregation Theorem with Incomplete Preferences," American Economic Journal: Microeconomics, American Economic Association, vol. 7(1), pages 61-69, February.
    2. Mongin, Philippe & Pivato, Marcus, 2015. "Ranking multidimensional alternatives and uncertain prospects," Journal of Economic Theory, Elsevier, vol. 157(C), pages 146-171.
    3. Pamela Giustinelli, 2016. "Group Decision Making With Uncertain Outcomes: Unpacking Child–Parent Choice Of The High School Track," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 57(2), pages 573-602, May.
    4. Sprumont, Yves, 2018. "Preference aggregation under binary uncertainty," Journal of Mathematical Economics, Elsevier, vol. 78(C), pages 64-67.
    5. Philippe Mongin & Marcus Pivato, 2020. "Social preference under twofold uncertainty," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 70(3), pages 633-663, October.
    6. Mark Schneider, 2018. "A Dual System Model of Risk and Time Preferences," Working Papers 18-18, Chapman University, Economic Science Institute.
    7. Noel Cressie, 2023. "Decisions, decisions, decisions in an uncertain environment," Environmetrics, John Wiley & Sons, Ltd., vol. 34(1), February.
    8. Simon French & Nikolaos Argyris, 2018. "Decision Analysis and Political Processes," Decision Analysis, INFORMS, vol. 15(4), pages 208-222, December.
    9. Mark Schneider, 2016. "Dual Process Utility Theory: A Model of Decisions Under Risk and Over Time," Working Papers 16-23, Chapman University, Economic Science Institute.
    10. Ralph L. Keeney, 2013. "Foundations for Group Decision Analysis," Decision Analysis, INFORMS, vol. 10(2), pages 103-120, June.

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    More about this item

    Keywords

    Group decisions; Utility theory; Probability aggregation; Preference aggregation; Impossibility theorems; Pareto assumption; Constructing values; Interpersonal comparison of preferences; D70; D81;
    All these keywords.

    JEL classification:

    • D70 - Microeconomics - - Analysis of Collective Decision-Making - - - General
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty

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