Social rationality, separability, and equity under uncertainty (Q2343803)

This article studies the aggregation of individual preferences under risk. It establishes relations between concepts such as rationality, individualism and separability in a context of uncertainty. These concepts are formulated in a framework that allows for ex ante equity considerations to play a role in ex post evaluations, so that ex post welfare is related to ex ante prospects and counterfactuals. Criteria are developed to analyse preferences with respect to utilities and of lotteries in the space of states of nature.