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:

1973-07-01

Pagination or Media Count:

42.0

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
• Operations Research

Distribution Statement:

APPROVED FOR PUBLIC RELEASE