Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/175877
Authors: 
Berens, Stefan
Chochua, Lasha
Year of Publication: 
2017
Series/Report no.: 
Center for Mathematical Economics Working Papers 576
Abstract: 
This paper extends Harsanyi's Impartial Observer Theorem by introducing Knightian Uncertainty in the form of individual belief systems. It features an axiomatic framework of societal decision-making in the presence of individual uncertainty. The model allows the analysis of scenarios where individuals agree on the ranking but not on the likelihood of social outcomes. The preferences of the impartial observer are represented by a weighted sum of utilities - each representing individual preferences with different belief systems. In order to incorporate common criticism of the framework of Harsanyi (1953), our approach is based on the generalized version by Grant et al. (2010). The belief systems are introduced as second-order beliefs following Seo (2009).
Subjects: 
Impartial Observer
Uncertainty
Utilitarianism
JEL: 
D71
D81
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

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