Arrovian Aggregation of Generalised Expected-Utility Preferences: (Im)possibility Results by Means of Model Theory

Herzberg, Frederik (2018): Arrovian Aggregation of Generalised Expected-Utility Preferences: (Im)possibility Results by Means of Model Theory. In: Studia Logica, Vol. 106, No. 5: pp. 947-967

Abstract

Cerreia-Vioglio et al. (Econ Theory 48(2-3):341-375, 2011) have proposed a very general axiomatisation of preferences in the presence of ambiguity, viz. Monotonic Bernoullian Archimedean preference orderings. This paper investigates the problem of Arrovian aggregation of such preferencesand proves dictatorial impossibility results for both finite and infinite populations. Applications for the special case of aggregating expected-utility preferences are given. A novel proof methodology for special aggregation problems, based on model theory (in the sense of mathematical logic), is employed.

• Item Type: Journal article
• Faculties: Philosophy, Philosophy of Science and Religious Science > Munich Center for Mathematical Philosophy (MCMP)
• ISSN: 0039-3215
• Language: English