Related papers: On the stability of utilitarian aggregation
This paper investigates well posedness of utility maximization problems for financial markets where stock returns depend on a hidden Gaussian mean reverting drift process. Since that process is potentially unbounded, well posedness cannot…
This paper discusses a general and useful stability principle which, roughly speaking, says that given a uniformly continuous function defined on an arbitrary metric space, if the function is bounded on the constraint set and we slightly…
The consideration of nonstandard models of the real numbers and the definition of a qualitative ordering on those models provides a generalization of the principle of maximization of expected utility. It enables the decider to assign…
Rankings on online platforms help their end-users find the relevant information -- people, news, media, and products -- quickly. Fair ranking tasks, which ask to rank a set of items to maximize utility subject to satisfying group-fairness…
We provide sufficient conditions under which a utility function may be recovered from a finite choice experiment. Identification, as is commonly understood in decision theory, is not enough. We provide a general recoverability result that…
Given a tracial von Neumann algebra $(M,\tau)$, we prove that a state preserving $M$-bimodular ucp map between two stationary W$^*$-extensions of $(M,\tau)$ preserves the Furstenberg entropy if and only if it induces an isomorphism between…
When evaluating policies that affect future generations, the most commonly used criterion is the discounted utilitarian rule. However, in terms of intergenerational fairness, it is difficult to justify prioritizing the current generation…
We study Pareto efficiency in a pure-exchange economy where agents' preferences are represented by risk-averse monetary utilities. These coincide with law-invariant monetary utilities, and they can be shown to correspond to the class of…
An important function of aggregators is to enable the participation of small energy storage units in electricity markets. This paper studies two generally overlooked aspects related to aggregators of energy storage: i) the relationship…
A very useful fact in additive combinatorics is that analytic expressions that can be used to count the number of structures of various kinds in subsets of Abelian groups are robust under quasirandom perturbations, and moreover that…
We consider linear orders of finite alternatives constructed by aggregating individual preferences. Specifically, we focus on linear orders that respect modified collective preference relations derived from supermajority rules, where…
We consider social welfare functions that satisfy Arrow's classic axioms of independence of irrelevant alternatives and Pareto optimality when the outcome space is the convex hull of some finite set of alternatives. Individual and…
Von Neumann's original proof of the ergodic theorem is revisited. A uniform convergence rate is established under the assumption that one can control the density of the spectrum of the underlying self-adjoint operator when restricted to…
We show that, within some modified gravity theories, such as the Palatini models, the non-linear nature of the field equations implies that the usual naive averaging procedure (replacing the microscopic energy-momentum by its cosmological…
The Shapley-Folkman theorem shows that Minkowski averages of uniformly bounded sets tend to be convex when the number of terms in the sum becomes much larger than the ambient dimension. In optimization, Aubin and Ekeland [1976] show that…
The use of von Neumann -- Morgenstern utility is examined in the context of multiple choices between lotteries. Different conclusions are reached if the choices are simultaneous or sequential. It is demonstrated that utility cannot be…
Decision theory does not traditionally include uncertainty over utility functions. We argue that the a person's utility value for a given outcome can be treated as we treat other domain attributes: as a random variable with a density…
The problem of estimating the frequencies of an exponential sum has been studied extensively over the last years. It can be understood as a sparse estimation problem, as it strives to identify the sparse representation of a signal using…
May's Theorem (1952), a celebrated result in social choice, provides the foundation for majority rule. May's crucial assumption of symmetry, often thought of as a procedural equity requirement, is violated by many choice procedures that…
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…