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2PM GMT (9AM Montréal/Toronto, 11AM Rio de Janeiro, 2PM London, 3PM Paris, 5PM Istanbul, 7:30PM New Delhi, 11PM Tokyo/Seoul)
Leo Kurata (Waseda University) "Inequality Averse Preferences: Generalization and Axiomatization"
Host: Marcus Pivato
Abstract. We generalize the inequality-aversion model of Fehr and Schmidt (1999) to allocations of lotteries over arbitrary outcomes and provide axiomatic characterizations. The resulting generalized inequality-averse (GIA) model uses a single utility index derived from the decision maker's preferences and allows both nonlinear evaluations of money and more general attitudes towards relative disadvantage and advantage. It can rationalize experimental patterns of other-regarding behaviour that the original model cannot accommodate.
Regarding states as individuals in an Anscombe–Aumann framework, we obtain signed analogues of maxmin and Choquet expected utility representations without imposing full monotonicity in others' prospects. Building on a general representation result, we provide two characterizations of the GIA model: one uses an axiom concerning others' positions relative to the decision maker, whereas the other uses a separability condition among the others formulated without reference to such relative positions. Weakening this individual separability to group separability yields a broader class of models that permit interactions within groups, including those non-rank dependent.
(joint work with Daijiro Kawanaka)
2PM GMT (9AM Montréal/Toronto, 11AM Rio de Janeiro, 2PM London, 3PM Paris, 5PM Istanbul, 7:30PM New Delhi, 11PM Tokyo/Seoul)
Roberto Fumagalli (King's College London) "Externalities"
Host: Marcus Pivato
Abstract. In this paper, I articulate a general argumentation scheme for externality-based arguments, i.e. arguments that prescribe policy interventions targeting specific activities on the ground that these activities generate negative externalities. I then explicate the most prominent objections put forward against these arguments, show that those objections target different premises of the argumentation scheme, and address such objections in turn. I argue for two claims of wide import for ongoing debates about the definition, the policy relevance and the correction of negative externalities. First, the proffered objections impose plausible adequacy constraints on externality-based arguments. And second, many externality-based arguments can satisfy these constraints and provide cogent reasons for the policy interventions they prescribe in a wide range of policy contexts.
2PM GMT (9AM Montréal/Toronto, 11AM Rio de Janeiro, 2PM London, 3PM Paris, 5PM Istanbul, 7:30PM New Delhi, 11PM Tokyo/Seoul)
Host: TBA
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Host: TBA
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