DeFinettian consensus

Citation
Lg. Esteves et al., DeFinettian consensus, THEOR DECIS, 49(1), 2000, pp. 79-95
Citations number
12
Categorie Soggetti
Economics
Journal title
THEORY AND DECISION
ISSN journal
00405833 → ACNP
Volume
49
Issue
1
Year of publication
2000
Pages
79 - 95
Database
ISI
SICI code
0040-5833(200008)49:1<79:DC>2.0.ZU;2-V
Abstract
It is always possible to construct a real function phi, given random quanti ties X and Y with continuous distribution functions F and G, respectively, in such a way that phi(X) and phi(Y), also random quantities, have both the same distribution function, say H. This result of De Finetti introduces an alternative way to somehow describe the `opinion' of a group of experts ab out a continuous random quantity by the construction of Fields of coinciden ce of opinions (FCO). A Field of coincidence of opinions is a finite union of intervals where the opinions of the experts coincide with respect to tha t quantity of interest. We speculate on (dis)advantages of Fields of Opinio n compared to usual 'probability' measures of a group and on their relation with a continuous version of the well-known Allais' paradox.