Alpha-maxmin as an aggregation of two selves
Journal article: This paper offers a novel perspective on the -maxmin model, taking its components as originating from distinct selves within the decision maker. Drawing from the notion of multiple selves prevalent in inter-temporal decision-making contexts, we present an aggregation approach where each self possesses its own preference relation. Contrary to existing interpretations, these selves are not merely a means to interpret the decision maker’s overall utility function but are considered as primitives. Through consistency requirements, we derive an -maxmin representation as an outcome of a convex combination of the preferences of two distinct selves. We first explore a setting involving objective information and then move on to a fully subjective derivation.
Author(s)
Alain Chateauneuf, José Heleno Faro, Jean-Marc Tallon, Vassili Vergopoulos
Journal
- Journal of Mathematical Economics
Date of publication
- 2024
Keywords
- Maxmin
- Dual self
- Aggregation
URL of the HAL notice
Version
- 1
Volume
- 113