Related papers: Equitable preference relations on infinite utility…
We consider social welfare functions when the preferences of individual agents and society maximize subjective expected utility in the tradition of Savage. A system of axioms is introduced whose unique solution is the social welfare…
How to distribute welfare in a society is a key issue in the subject of distributional justice, which is deeply involved with notions of fairness. Following a thought experiment by Dworkin, this work considers a society of individuals with…
In the theory of social choice the research is focused around the projection of individual preference orders to the social preference order. Also, the justification of the preference order formalism begins with the concept of utility i.e.…
We study the problem of allocating indivisible goods among agents that have an identical subadditive valuation over the goods. The extent of fairness and efficiency of allocations is measured by the generalized means of the values that the…
The econometric literature on treatment-effects typically takes functionals of outcome-distributions as `social welfare' and ignores program-impacts on unobserved utilities. We show how to incorporate aggregate utility within econometric…
It is standard in computational social choice to analyse welfare considerations under the assumptions of normalized utilities. In this note, we summarize some common reasons for this approach. We then mention another justification which is…
When selecting committees based on preferences of voters, a variety of different criteria can be considered. Two natural objectives are maximizing the utilitarian welfare (the sum of voters' utilities) and coverage (the number of…
We study fair resource allocation under a connectedness constraint wherein a set of indivisible items are arranged on a path and only connected subsets of items may be allocated to the agents. An allocation is deemed fair if it satisfies…
Some well-known solutions for cooperative games with transferable utility (TU-games), such as the Banzhaf value, the Myerson value, and the Aumann-Dreze value, fail to satisfy efficiency. Despite their desirable normative properties, this…
I introduce a favor exchange model where favors are substitutable and study bilateral enforcement of cooperation. Without substitutability, the value of a relationship does not depend on the rest of the network, and in equilibrium there is…
We establish a variety of numerical representations of preference relations induced by set-valued risk measures. Because of the general incompleteness of such preferences, we have to deal with multi-utility representations. We look for…
We consider dominant strategy implementation in private values settings, when agents have multi-dimensional types, the set of alternatives is finite, monetary transfers are allowed, and agents have quasi-linear utilities. We show that any…
We develop an axiomatic framework to evaluate income distributions from the perspective of an opportunity-egalitarian social planner. Building on a formal link with the literature on decision theory under ambiguity, we characterize a class…
We propose an axiomatic approach which economically underpins the representation of dynamic preferences in terms of a stochastic utility function, sensitive to the information available to the decision maker. Our construction is iterative…
In the committee voting setting, a subset of $k$ alternatives is selected based on the preferences of voters. In this paper, our goal is to efficiently compute $\textit{ex-ante}$ fair probability distributions over committees. We introduce…
We perform a stability analysis for the utility maximization problem in a general semimartingale model where both liquid and illiquid assets (random endowments) are present. Small misspecifications of preferences (as modeled via expected…
This note compares two approaches both alternatively used when establishing normality theorems in univariate Extreme Value Theory. When the underlying distribution function ($df$) is the extremal domain of attraction, it is possible to use…
Participatory budgeting (PB) is a democratic process for allocating funds to projects based on the votes of members of the community. Different rules have been used to aggregate participants' votes. Past research has studied the trade-off…
We study the power of item-pricing as a tool for approximately optimizing social welfare in a combinatorial market. We consider markets with $m$ indivisible items and $n$ buyers. The goal is to set prices to the items so that, when agents…
We consider a problem of optimal investment with intermediate consumption and random endowment in an incomplete semimartingale model of a financial market. We establish the key assertions of the utility maximization theory assuming that…