Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/97235
Authors: 
Herzberg, Frederik
Year of Publication: 
2013
Series/Report no.: 
Working Papers, Center for Mathematical Economics 488
Abstract: 
Cerreia-Vioglio, Ghirardato, Maccheroni, Marinacci and Siniscalchi (Economic Theory, 48:341-375, 2011) have recently proposed a very general axiomatisation of preferences in the presence of ambiguity, viz. Monotonic Bernoullian Archimedean (MBA) preference orderings. This paper investigates the problem of Arrovian aggregation of such preferences - and 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.
Subjects: 
ambiguity
Knightian uncertainty
expected utility
Monotonic Bernoullian Archimedean (MBA) preferences
Arrovian social choice
Arrow's theorem
impossibility result
ultrafilter
ultraproduct
JEL: 
D71
D81
C02
Document Type: 
Working Paper

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