NDLI: A Method for Eliciting Utilities and its Application to Collective Choice

Content Provider	Springer Nature Link
Author	Tsetlin, Ilia
Copyright Year	2006
Abstract	Designing a mechanism that provides a direct incentive for an individual to report her utility function over several alternatives is a difficult task. A framework for such mechanism design is the following: an individual (a decision maker) is faced with an optimization problem (e.g., maximization of expected utility), and a mechanism designer observes the decision maker’s action. The mechanism does reveal the individual’s utility truthfully if the mechanism designer, having observed the decision maker’s action, infers the decision maker’s utilities over several alternatives. This paper studies an example of such a mechanism and discusses its application to the problem of optimal social choice. Under certain simplifying assumptions about individuals’ utility functions and about how voters choose their voting strategies, this mechanism selects the alternative that maximizes Harsanyi’s social utility function and is Pareto-efficient.
Starting Page	51
Ending Page	62
Page Count	12
File Format	PDF
ISSN	00405833
Journal	Theory and Decision
Volume Number	61
Issue Number	1
e-ISSN	15737187
Language	English
Publisher	Kluwer Academic Publishers
Publisher Date	2006-01-01
Publisher Place	Dordrecht
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	decision making social choice uncertainty utility elicitation Game Theory, Economics, Social and Behav. Sciences Economic Theory Game Theory/Mathematical Methods Operations Research/Decision Theory Methodology of the Social Sciences
Content Type	Text
Resource Type	Article
Subject	Arts and Humanities Economics, Econometrics and Finance Developmental and Educational Psychology Social Sciences Decision Sciences Applied Psychology Computer Science Applications

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