Risky social choice with incomplete or noisy interpersonal comparisons of well-being.
In: Social Choice & Welfare, Jg. 40 (2013), Heft 1, S. 123-139
Online
academicJournal
Zugriff:
In this study, we develop a model of social choice over lotteries, where people's psychological characteristics are mutable, their preferences may be incomplete, and incomplete or noisy interpersonal comparisons of well-being are possible. Formally, we suppose individual preferences are described by a von Neumann-Morgenstern (vNM) preference order on a space of lotteries over psychophysical states; the social planner must construct a vNM preference order on lotteries over social states. First, we consider a model where the individual vNM preference order is incomplete (so not all interpersonal comparisons are possible). Then, we consider a model where the individual vNM preference order is complete, but unknown to the planner, and thus modelled by a random variable. In both cases, we obtain characterizations of a utilitarian social welfare function. [ABSTRACT FROM AUTHOR]
Titel: |
Risky social choice with incomplete or noisy interpersonal comparisons of well-being.
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Autor/in / Beteiligte Person: | Pivato, Marcus |
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Zeitschrift: | Social Choice & Welfare, Jg. 40 (2013), Heft 1, S. 123-139 |
Veröffentlichung: | 2013 |
Medientyp: | academicJournal |
ISSN: | 0176-1714 (print) |
DOI: | 10.1007/s00355-011-0590-x |
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