Fully Bayesian aggregation
نویسندگان
چکیده
Can a group be an orthodox rational agent? This requires the group's aggregate preferences to follow expected utility (static rationality) and evolve by Bayesian updating (dynamic rationality). Group rationality is possible, but only preference aggregation rules which achieve it (and are minimally Paretian continuous) linear-geometric rules, combine individual values linearly beliefs geometrically. Linear-geometric contrasts with classic linear-linear aggregation, combines both linearly, achieves static rationality. Our characterisation of has two corollaries: linear (Harsanyi's Theorem) geometric beliefs.
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ژورنال
عنوان ژورنال: Journal of Economic Theory
سال: 2021
ISSN: ['1095-7235', '0022-0531']
DOI: https://doi.org/10.1016/j.jet.2021.105255