Individual Vs Aggregate Preferences

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Individual Vs. Aggregate Preferences

Author : Douglas W. Blackburn
Publisher :
ISBN 13 :
Total Pages : 41 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Individual Vs. Aggregate Preferences by : Douglas W. Blackburn

Download or read book Individual Vs. Aggregate Preferences written by Douglas W. Blackburn and published by . This book was released on 2017 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: Risk preferences of individual investors can be very different from the aggregate economy's preference for risk. To demonstrate this, we investigate aggregate properties of an economy where all investors have convex utility functions corresponding to risk seeking behavior and we investigate the popular Friedman-Savage S-shaped utility function. We prove that an economy consisting of risk seeking agents can lead to an aggregate economy that is risk averse. We prove that the converse is also true. For an aggregate economy that exhibits risk aversion we can construct an economy of all risk seeking agents that in the aggregate produces the given risk averse indifference curve. That is, an economy demanding a risk premium can be formed from individuals who do not demand such compensation. This is the first paper to study aggregation of Friedman-Savage utility. When individuals have an S-shaped utility function that is risk averse over low consumption levels, risk seeking over mid-levels of consumption and risk averse over high levels of consumption, the risk seeking region vanishes in the aggregate. The aggregate economy is solely risk averse. These findings present an important challenge to the use of unusual utility functions in describing aggregate data since the unusual characteristics of the utility function can vanish in the aggregate.

How Individual Preferences Get Aggregated in Groups

Author : Attila Ambrus
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (931 download)

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Book Synopsis How Individual Preferences Get Aggregated in Groups by : Attila Ambrus

Download or read book How Individual Preferences Get Aggregated in Groups written by Attila Ambrus and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

How Individual Preferences are Aggregated in Groups

Author : Attila Ambrus
Publisher :
ISBN 13 :
Total Pages : 33 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis How Individual Preferences are Aggregated in Groups by : Attila Ambrus

Download or read book How Individual Preferences are Aggregated in Groups written by Attila Ambrus and published by . This book was released on 2014 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper experimentally investigates how individual preferences, through unrestricted deliberation, are aggregated into a group decision in two contexts: reciprocating gifts and choosing between lotteries. In both contexts, we find that median group members have a significant impact on the group decision, but the median is not the only influential group member. Non-median members closer to the median tend to have more influence than other members. By investigating the same individual's influence in different groups, we find evidence for relative position in the group having a direct effect on influence. These results are consistent with predictions from a spatial model of dynamic bargaining determining group choices. We also find that group deliberation involves bargaining and compromise as well as persuasion: preferences tend to shift towards the choice of the individual's previous group, especially for those with extreme individual preferences.

Aggregation and Representation of Preferences

Author : Andranick S. Tanguiane
Publisher : Springer Science & Business Media
ISBN 13 : 3642765165
Total Pages : 335 pages
Book Rating : 4.6/5 (427 download)

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Book Synopsis Aggregation and Representation of Preferences by : Andranick S. Tanguiane

Download or read book Aggregation and Representation of Preferences written by Andranick S. Tanguiane and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 335 pages. Available in PDF, EPUB and Kindle. Book excerpt: Aggregation is the conjunction of information, aimed at its compact represen tation. Any time when the totality of data is described in terms of general ized indicators, conventional counts, typical representatives and characteristic dependences, one directly or indirectly deals with aggregation. It includes revealing the most significant characteristics and distinctive features, quanti tative and qualitative analysis. As a result, the information becomes adaptable for further processing and convenient for human perception. Aggregation is widely used in economics, statistics, management, planning, system analysis, and many other fields. That is why aggregation is so important in data pro cessing. Aggregation of preferences is a particular case of the general problem of ag gregation. It arises in multicriteria decision-making and collective choice, when a set of alternatives has to be ordered with respect to contradicting criteria, or various individual opinions. However, in spite of apparent similarity the problems of multicriteria decision-making and collective choice are somewhat different. Indeed, an improvement in some specifications at the cost of worsen ing others is not the same as the satisfaction of interests of some individuals to the prejudice of the rest. In the former case the reciprocal compensations are considered within a certain entirety; in the latter we infringe upon the rights of independent individuals. Moreover, in multicriteria decision-making one usu ally takes into account objective factors, whereas in collective choice one has to compare subjective opinions which cannot be measured properly.

Sharing Clinical Trial Data

Author : Institute of Medicine
Publisher : National Academies Press
ISBN 13 : 0309316324
Total Pages : 236 pages
Book Rating : 4.3/5 (93 download)

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Book Synopsis Sharing Clinical Trial Data by : Institute of Medicine

Download or read book Sharing Clinical Trial Data written by Institute of Medicine and published by National Academies Press. This book was released on 2015-04-20 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt: Data sharing can accelerate new discoveries by avoiding duplicative trials, stimulating new ideas for research, and enabling the maximal scientific knowledge and benefits to be gained from the efforts of clinical trial participants and investigators. At the same time, sharing clinical trial data presents risks, burdens, and challenges. These include the need to protect the privacy and honor the consent of clinical trial participants; safeguard the legitimate economic interests of sponsors; and guard against invalid secondary analyses, which could undermine trust in clinical trials or otherwise harm public health. Sharing Clinical Trial Data presents activities and strategies for the responsible sharing of clinical trial data. With the goal of increasing scientific knowledge to lead to better therapies for patients, this book identifies guiding principles and makes recommendations to maximize the benefits and minimize risks. This report offers guidance on the types of clinical trial data available at different points in the process, the points in the process at which each type of data should be shared, methods for sharing data, what groups should have access to data, and future knowledge and infrastructure needs. Responsible sharing of clinical trial data will allow other investigators to replicate published findings and carry out additional analyses, strengthen the evidence base for regulatory and clinical decisions, and increase the scientific knowledge gained from investments by the funders of clinical trials. The recommendations of Sharing Clinical Trial Data will be useful both now and well into the future as improved sharing of data leads to a stronger evidence base for treatment. This book will be of interest to stakeholders across the spectrum of research-from funders, to researchers, to journals, to physicians, and ultimately, to patients.

Political Economy for Public Policy

Author : Ethan Bueno de Mesquita
Publisher : Princeton University Press
ISBN 13 : 1400883180
Total Pages : 432 pages
Book Rating : 4.4/5 (8 download)

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Book Synopsis Political Economy for Public Policy by : Ethan Bueno de Mesquita

Download or read book Political Economy for Public Policy written by Ethan Bueno de Mesquita and published by Princeton University Press. This book was released on 2016-08-23 with total page 432 pages. Available in PDF, EPUB and Kindle. Book excerpt: The ideal introductory textbook to the politics of the policymaking process This textbook uses modern political economy to introduce students of political science, government, economics, and public policy to the politics of the policymaking process. The book's distinct political economy approach has two virtues. By developing general principles for thinking about policymaking, it can be applied across a range of issue areas. It also unifies the policy curriculum, offering coherence to standard methods for teaching economics and statistics, and drawing connections between fields. The book begins by exploring the normative foundations of policymaking—political theory, social choice theory, and the Paretian and utilitarian underpinnings of policy analysis. It then introduces game theoretic models of social dilemmas—externalities, coordination problems, and commitment problems—that create opportunities for policy to improve social welfare. Finally, it shows how the political process creates technological and incentive constraints on government that shape policy outcomes. Throughout, concepts and models are illustrated and reinforced with discussions of empirical evidence and case studies. This textbook is essential for all students of public policy and for anyone interested in the most current methods influencing policymaking today. Comprehensive approach to politics and policy suitable for advanced undergraduates and graduate students Models unify policy curriculum through methodological coherence Exercises at the end of every chapter Self-contained appendices cover necessary game theory Extensive discussion of cases and applications

Civic Virtues

Author : Richard Dagger
Publisher : Oxford University Press, USA
ISBN 13 : 0195106342
Total Pages : 273 pages
Book Rating : 4.1/5 (951 download)

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Book Synopsis Civic Virtues by : Richard Dagger

Download or read book Civic Virtues written by Richard Dagger and published by Oxford University Press, USA. This book was released on 1997 with total page 273 pages. Available in PDF, EPUB and Kindle. Book excerpt: Dagger argues for a republican liberalism that, while celebrating the liberal heritage of autonomy and rights, solidly places these within social relations and obligations, which while ubiquitous, are often obscured and forgotten.

Empirical Studies in Institutional Change

Author : Lee J. Alston
Publisher : Cambridge University Press
ISBN 13 : 9780521557436
Total Pages : 380 pages
Book Rating : 4.5/5 (574 download)

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Book Synopsis Empirical Studies in Institutional Change by : Lee J. Alston

Download or read book Empirical Studies in Institutional Change written by Lee J. Alston and published by Cambridge University Press. This book was released on 1996-07-28 with total page 380 pages. Available in PDF, EPUB and Kindle. Book excerpt: Empirical Studies in Institutional Change is a collection of nine empirical studies by fourteen scholars. Dealing with issues ranging from the evolution of secure markets in seventeenth-century England to the origins of property rights in airport slots in modern America, the contributors analyse institutions and institutional change in various parts of the world and at various periods of time. The volume is a contribution to the new economics of institutions, which emphasises the role of transaction costs and property rights in shaping incentives and results in the economic arena. To make the papers accessible to a wide audience, including students of economics and other social sciences, the editors have written an introduction to each study and added three theoretical essays to the volume, including Douglass North's Nobel Prize address, which reflect their collective views as to the present status of institutional analysis and where it is headed.

Exit Polls: Surveying the American Electorate, 1927-2010

Author : Samuel J. Best
Publisher : SAGE
ISBN 13 : 1608717410
Total Pages : 329 pages
Book Rating : 4.6/5 (87 download)

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Book Synopsis Exit Polls: Surveying the American Electorate, 1927-2010 by : Samuel J. Best

Download or read book Exit Polls: Surveying the American Electorate, 1927-2010 written by Samuel J. Best and published by SAGE. This book was released on 2012-02-14 with total page 329 pages. Available in PDF, EPUB and Kindle. Book excerpt: Explores the trends in longitudinal variables asked in the national Election Day exit polls from their beginning in 1972 to the present. The book documents comparable survey items that have appeared in multiple exit polls over time. --from publisher description.

Group Verbal Decision Analysis

Author : Alexey B. Petrovsky
Publisher : Springer Nature
ISBN 13 : 3031169417
Total Pages : 253 pages
Book Rating : 4.0/5 (311 download)

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Book Synopsis Group Verbal Decision Analysis by : Alexey B. Petrovsky

Download or read book Group Verbal Decision Analysis written by Alexey B. Petrovsky and published by Springer Nature. This book was released on 2023-03-14 with total page 253 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book describes an original approach to solving tasks of individual and collective choice: classification, ranking, and selection of multi-attribute objects. Object representation with multisets allows considering simultaneously numerical and symbolic variables. In group verbal decision analysis, judgments of all participants are taken into account without a compromise between contradictory. Natural language is used to describe problems and objects, formalize knowledge of experts and preferences of decision makers, and explain results. Verbal methods and technologies are more transparent, less laborious for a person, and weakly sensitive to measurement errors. The book also includes examples of applying new tools in real ill-structured high-dimensional choice tasks. It is intended for researchers, managers, consultants, analysts, and developers as well as for teachers and students of applied mathematics, computer science, information processing, engineering, economics, and management.

Computational Aspects of General Equilibrium Theory

Author : Donald Brown
Publisher : Springer Science & Business Media
ISBN 13 : 3540765913
Total Pages : 204 pages
Book Rating : 4.5/5 (47 download)

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Book Synopsis Computational Aspects of General Equilibrium Theory by : Donald Brown

Download or read book Computational Aspects of General Equilibrium Theory written by Donald Brown and published by Springer Science & Business Media. This book was released on 2008-01-08 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt: This monograph presents a general equilibrium methodology for microeconomic policy analysis. It is intended to serve as an alternative to the now classical, axiomatic general equilibrium theory as exposited in Debreu`s Theory of Value (1959) or Arrow and Hahn`s General Competitive Analysis (1971). The monograph consists of several essays written over the last decade. It also contains an appendix by Charles Steinhorn on the elements of O-minimal structures.

Political Economics

Author : Torsten Persson
Publisher : MIT Press
ISBN 13 : 0262303663
Total Pages : 503 pages
Book Rating : 4.2/5 (623 download)

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Book Synopsis Political Economics by : Torsten Persson

Download or read book Political Economics written by Torsten Persson and published by MIT Press. This book was released on 2002-01-25 with total page 503 pages. Available in PDF, EPUB and Kindle. Book excerpt: What determines the size and form of redistributive programs, the extent and type of public goods provision, the burden of taxation across alternative tax bases, the size of government deficits, and the stance of monetary policy during the course of business and electoral cycles? A large and rapidly growing literature in political economics attempts to answer these questions. But so far there is little consensus on the answers and disagreement on the appropriate mode of analysis. Combining the best of three separate traditions—the theory of macroeconomic policy, public choice, and rational choice in political science—Torsten Persson and Guido Tabellini suggest a unified approach to the field. As in modern macroeconomics, individual citizens behave rationally, their preferences over economic outcomes inducing preferences over policy. As in public choice, the delegation of policy decisions to elected representatives may give rise to agency problems between voters and politicians. And, as in rational choice, political institutions shape the procedures for setting policy and electing politicians. The authors outline a common method of analysis, establish several new results, and identify the main outstanding problems.

Women, Culture, and Development

Author : Martha C. Nussbaum
Publisher : Clarendon Press
ISBN 13 : 0191521752
Total Pages : 494 pages
Book Rating : 4.1/5 (915 download)

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Book Synopsis Women, Culture, and Development by : Martha C. Nussbaum

Download or read book Women, Culture, and Development written by Martha C. Nussbaum and published by Clarendon Press. This book was released on 1995-11-30 with total page 494 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is an open access title available under the terms of a CC BY-NC-ND 3.0 IGO licence. It is free to read at Oxford Scholarship Online and offered as a free PDF download from OUP and selected open access locations. BL Distinguished editors and contributors BL Addresses questions of some urgency for the question of women's quality of life BL Inter-disciplinary, ranging over philosophy, economics, political science, anthropology, law and sociology BL Combines theory with case-studies BL Accessible to non-specialist reader BL Sequel to The Quality of Life, edited by Martha Nussbaum and Amartya Sen, applying the 'capabilities' approach outlined in that volume BL Topical - challenges 'politically correct' relativist approaches and discusses the validity of charges of 'cultural imperialism' levelled at Western aid and intervention policies. Women, a majority of the world's population, receive only a small proportion of its opportunities and benefits. According to the 1993 UN Human Development Report, there is no country in the world in which women's quality of life is equal to that of men. This examination of women's quality of life thus addresses questions which have a particular urgency. It aims to describe the basic situation of all women and so develops a universal account that can answer the charges of 'Western imperialism' frequently made against such accounts. The contributors confront the issue of cultural relativism, criticizing the relativist approach which, in its desire to respect different cultural traditions, can result in indifference to injustice. An account of gender justice and women's equality is then proposed in various areas in which quality of life is measured. These issues are related throughout to the specific contexts of India, Bangladesh, China, Mexico, and Nigeria through a series of case studies. Disciplines represented include philosophy, economics, political science, anthropology, law, and sociology. Like its predecessor, The Quality of Life, this volume encourages the reader to think critically about the central fundamental concepts used in development economics and suggests major criticisms of current economic approaches from that fundamental viewpoint. Contributors: Martha Nussbaum, Marty Chen, Susan Wolf, Jonathan Glover, Onora O'Neill, David Crocker, Hilary Putnam, Linda Alcoff, Amartya Sen, Susan Moller Okin, Ruth Anna Putnam, Cass R.Sunstein, Christine M.Korsgaard, Catherine Lutz, Xiaorong Li, Margarita M.Valdes, Nkiru Nzegwu

Public Expenditure

Author : S.S. Stevens
Publisher : Routledge
ISBN 13 : 1351495755
Total Pages : 365 pages
Book Rating : 4.3/5 (514 download)

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Book Synopsis Public Expenditure by : S.S. Stevens

Download or read book Public Expenditure written by S.S. Stevens and published by Routledge. This book was released on 2017-07-05 with total page 365 pages. Available in PDF, EPUB and Kindle. Book excerpt: In all highly industrialized countries public expenditures are a substantial and growing share of total economic activity. The authors integrate normative and positive theory and empirical analysis of public expenditure, concentrating on the optimal provision of public goods and the estimation of their costs and effects. This volume emphasizes the techniques that are available for reaching collective decisions about the provision of public goods and stresses the importance of income distribution and intergovernmental fiscal relations. In a mixed economy, where the public sector is growing faster than the private sector, the nature of public expenditures must be closely evaluated and studied. This book is designed to focus on and delineate controversies about public expenditure--to define what it is, analyze its function, show how it operates, and finally to evaluate research on this important subject.The book considers the theories of leading economists (Kenneth Arrow, Lionel Robbins, Carl Shoup, James Buchanan, Paul Samuelson, Richard Musgrave, and others) in arriving at a clear statement of theory in its application to operational problems. Appropriate attention is paid to current techniques such as program budgeting, cost-benefit analysis, and the analysis of the determinants of public expenditure. The book is unique in its emphasis on the integration and critique of contemporary theories of public expenditure, of distributional concerns, and of the political framework of public expenditure decisions. It provides a necessary resource for professional economists required to deal with public expenditure problems in research or practice.

Democracy in Times of Crises

Author : Emmanouil M.L. Economou
Publisher : Springer Nature
ISBN 13 : 303097295X
Total Pages : 230 pages
Book Rating : 4.0/5 (39 download)

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Book Synopsis Democracy in Times of Crises by : Emmanouil M.L. Economou

Download or read book Democracy in Times of Crises written by Emmanouil M.L. Economou and published by Springer Nature. This book was released on 2022-06-07 with total page 230 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inspired by the democratic origins of the Greek naval victory at Salamis, the book discusses the current pressing issues of democracy worldwide. In 12 carefully selected chapters, well-renowned scholars from around the globe discuss topics such as Brexit, Euroscepticism, or the rise of populism. The authors further analyze various aspects of democracy, as well as various types of democratic regimes, such as mixed government, direct democracy, and cases of quasi democracies. While doing so, they relate this discussion to the pivotal question of how the quality of democracy today can be improved, seeking answers and solutions to current pending problems at the global level. This book is the second out of two edited volumes as a sequel of an international academic conference titled Salamis and Democracy: 2500 Years After that took place between October 3rd and October 5th, 2020, on the occasion of the 2500th anniversary of the great historical event of the Battle of Salamis, which saved Greek culture and the newly founded democratic regimes throughout the Hellenic world during the Classical period (508-323 BCE). The book is a must-read for scholars and students of political science, economics, and law, as well as policy-makers interested in a better understanding of democracy, governance, populism, social choice, and constitutional law.

Aggregation Functions in Theory and in Practise

Author : Humberto Bustince Sola
Publisher : Springer Science & Business Media
ISBN 13 : 3642391656
Total Pages : 535 pages
Book Rating : 4.6/5 (423 download)

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Book Synopsis Aggregation Functions in Theory and in Practise by : Humberto Bustince Sola

Download or read book Aggregation Functions in Theory and in Practise written by Humberto Bustince Sola and published by Springer Science & Business Media. This book was released on 2013-06-20 with total page 535 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume collects the extended abstracts of 45 contributions of participants to the Seventh International Summer School on Aggregation Operators (AGOP 2013), held at Pamplona in July, 16-20, 2013. These contributions cover a very broad range, from the purely theoretical ones to those with a more applied focus. Moreover, the summaries of the plenary talks and tutorials given at the same workshop are included. Together they provide a good overview of recent trends in research in aggregation functions which can be of interest to both researchers in Physics or Mathematics working on the theoretical basis of aggregation functions, and to engineers who require them for applications.

Positive Political Theory I

Author : David Austen-Smith
Publisher : University of Michigan Press
ISBN 13 : 9780472087211
Total Pages : 230 pages
Book Rating : 4.0/5 (872 download)

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Book Synopsis Positive Political Theory I by : David Austen-Smith

Download or read book Positive Political Theory I written by David Austen-Smith and published by University of Michigan Press. This book was released on 2000-12-27 with total page 230 pages. Available in PDF, EPUB and Kindle. Book excerpt: A definitive, comprehensive, and analytically sophisticated treatment of the theory of collective preference