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Alpha-maxmin as an aggregation of two selves

Author

Listed:
  • Alain Chateauneuf

    (UP1 - Université Paris 1 Panthéon-Sorbonne)

  • José Heleno Faro

    (Instituto de Ensino e Pesquisa (Brazil) - Insper Institute of Education and Research)

  • Jean-Marc Tallon

    (PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement)

  • Vassili Vergopoulos

    (LEMMA - Laboratoire d'économie mathématique et de microéconomie appliquée - Université Paris-Panthéon-Assas)

Abstract

This paper offers a novel perspective on the -maxmin model, taking its components as originating from distinct selves within the decision maker. Drawing from the notion of multiple selves prevalent in inter-temporal decision-making contexts, we present an aggregation approach where each self possesses its own preference relation. Contrary to existing interpretations, these selves are not merely a means to interpret the decision maker's overall utility function but are considered as primitives. Through consistency requirements, we derive an -maxmin representation as an outcome of a convex combination of the preferences of two distinct selves. We first explore a setting involving objective information and then move on to a fully subjective derivation.

Suggested Citation

  • Alain Chateauneuf & José Heleno Faro & Jean-Marc Tallon & Vassili Vergopoulos, 2024. "Alpha-maxmin as an aggregation of two selves," Post-Print halshs-04632051, HAL.
    • Handle: RePEc:hal:journl:halshs-04632051
    DOI: 10.1016/j.jmateco.2024.103006
    as

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    Keywords

    Maxmin; Dual self; Aggregation;
    All these keywords.

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