Titelaufnahme

Titel
The impartial observer under uncertainty / Stefan Berens and Lasha Chochua
VerfasserBerens, Stefan ; Chochua, Lasha
ErschienenBielefeld, Germany : Universität Bielefeld, Faculty of Business Administration and Economics, September 2017
Ausgabe
Elektronische Ressource
Umfang1 Online-Ressource (20 Seiten)
SerieWorking papers in economics and management ; No. 07-2017
URNurn:nbn:de:hbz:6:2-127799 
DOI10.4119/unibi/2915624 
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The impartial observer under uncertainty [0.51 mb]
Zusammenfassung

This paper extends Harsanyis 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).

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