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Decision-making under ignorance with implications for social choice
Authors:Eric Maskin
Institution:(1) Massachusetts Institute of Technology, USA
Abstract:A new investigation is launched into the problem of decision-making in the face of lsquocomplete ignorancersquo, and linked to the problem of social choice. In the first section the author introduces a set of properties which might characterize a criterion for decision-making under complete ignorance. Two of these properties are novel: lsquoindependence of non-discriminating statesrsquo, and lsquoweak pessimismrsquo. The second section provides a new characterization of the so-called principle of insufficient reason. In the third part, lexicographic maximin and maximax criteria are characterized. Finally, the author's results are linked to the problem of social choice.
Keywords:
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