Regret Averse Opinion Aggregation
Abstract
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.
How to Cite:
Elkin, L., (2021) “Regret Averse Opinion Aggregation”, Ergo 8: 16. doi: https://doi.org/10.3998/ergo.1153