The Impartial Observer under Uncertainty

Berens S, Chochua L (2017) Working Papers in Economics and Management; 07-2017.
Bielefeld: Bielefeld University, Department of Business Administration and Economics.

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This paper extends Harsanyi’s 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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Berens S, Chochua L. The Impartial Observer under Uncertainty. Working Papers in Economics and Management. Vol 07-2017. Bielefeld: Bielefeld University, Department of Business Administration and Economics; 2017.
Berens, S., & Chochua, L. (2017). The Impartial Observer under Uncertainty (Working Papers in Economics and Management, 07-2017). Bielefeld: Bielefeld University, Department of Business Administration and Economics. doi:10.4119/unibi/2915624
Berens, S., and Chochua, L. (2017). The Impartial Observer under Uncertainty. Working Papers in Economics and Management, 07-2017, Bielefeld: Bielefeld University, Department of Business Administration and Economics.
Berens, S., & Chochua, L., 2017. The Impartial Observer under Uncertainty, Working Papers in Economics and Management, no.07-2017, Bielefeld: Bielefeld University, Department of Business Administration and Economics.
S. Berens and L. Chochua, The Impartial Observer under Uncertainty, Working Papers in Economics and Management, vol. 07-2017, Bielefeld: Bielefeld University, Department of Business Administration and Economics, 2017.
Berens, S., Chochua, L.: The Impartial Observer under Uncertainty. Working Papers in Economics and Management, 07-2017. Bielefeld University, Department of Business Administration and Economics, Bielefeld (2017).
Berens, Stefan, and Chochua, Lasha. The Impartial Observer under Uncertainty. Bielefeld: Bielefeld University, Department of Business Administration and Economics, 2017. Working Papers in Economics and Management. 07-2017.
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