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Regret Averse Opinion Aggregation

Elkin, Lee (2020) Regret Averse Opinion Aggregation. [Preprint]


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It is often suggested that when opinions differ among individuals in a group, the opinions should be aggregated to form a compromise. This paper compares two approaches to aggregating opinions, linear pooling and what I call opinion agglomeration. In evaluating both strategies, I propose a pragmatic criterion, No Regrets, entailing that an aggregation strategy should prevent groups from buying and selling bets on events at prices regretted by their members. I show that only opinion agglomeration is able to satisfy the demand. I then proceed to give normative and empirical arguments in support of the pragmatic criterion for opinion aggregation, and that ultimately favor opinion agglomeration.

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Item Type: Preprint
Keywords: opinion pooling; regret; collective decision making; linear pooling; imprecise probability
Subjects: Specific Sciences > Psychology > Judgment and Decision Making
Depositing User: Dr. Lee Elkin
Date Deposited: 19 Sep 2020 11:10
Last Modified: 19 Sep 2020 11:10
Item ID: 18113
Subjects: Specific Sciences > Psychology > Judgment and Decision Making
Date: 2020

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