A Group Preference Axiomatization with Cardinal Utility

Keeney, R.L. (1975) A Group Preference Axiomatization with Cardinal Utility. IIASA Research Memorandum. IIASA, Laxenburg, Austria, RM-75-047

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Abstract

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--rather than 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 Research Memorandum)
Research Programs: System and Decision Sciences - Core (SDS)
Depositing User: IIASA Import
Date Deposited: 15 Jan 2016 01:42
Last Modified: 22 Jul 2016 00:32
URI: http://pure.iiasa.ac.at/469

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