A Group Preference Axiomization with Cardinal Utility

Keeney RL (1974). A Group Preference Axiomization with Cardinal Utility. IIASA Working Paper. IIASA, Laxenburg, Austria: WP-74-051

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Abstract

The problem addressed is given a group composed of N individuals and given a von Neumann-Morgenstern utility function for each individual in the group, how can these be aggregated to obtain a group von Neumann-Morgenstern utility function. The implications of a set of axioms, analogous to Arrow's, using individual cardinal utilities -- as opposed to Arrow's ordinal rankings -- are investigated. The result is a group cardinal utility function which explicitly requires interpersonal comparison of preference. Suggestions for who should make these comparisons and how they might be done are given.

Item Type: Monograph (IIASA Working Paper)
Research Programs: System and Decision Sciences - Core (SDS)
Depositing User: IIASA Import
Date Deposited: 15 Jan 2016 01:40
Last Modified: 18 Nov 2016 05:56
URI: http://pure.iiasa.ac.at/120

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