Accession Number : AD0763680
Title : Majority Voting on Risky Investments.
Descriptive Note : Technical rept.,
Corporate Author : PENNSYLVANIA STATE UNIV UNIVERSITY PARK COLL OF BUSINESS ADMINISTRATION
Personal Author(s) : Fishburn,Peter C.
Report Date : JUL 1973
Pagination or Media Count : 42
Abstract : It is assumed that each member of a voting group has an increasing von Neumann-Morgenstern utility function on the real line, but nothing further about each function is presumed. In this setting, necessary and sufficient conditions are given for simple majorities between continuous risky decisions to be transitive. The conditions are based in part on notions of convex stochastic dominance. The case where each utility function is assumed to be increasing and strictly concave is also examined. (Author)
Descriptors : (*DECISION THEORY, STOCHASTIC PROCESSES), (*ECONOMICS, DECISION MAKING), PROBABILITY DENSITY FUNCTIONS, CONVEX SETS, THEOREMS
Subject Categories : Economics and Cost Analysis
Distribution Statement : APPROVED FOR PUBLIC RELEASE