Arrovian Aggregation of Generalised Expected-Utility Preferences: (Im)possibility Results by Means of Model Theory

Cerreia-Vioglio et al. (Econ Theory 48(2–3):341–375, 2011) have proposed a very general axiomatisation of preferences in the presence of ambiguity, viz. Monotonic Bernoullian Archimedean preference orderings. This paper investigates the problem of Arrovian aggregation of such preferences—and proves dictatorial impossibility results for both finite and infinite populations. Applications for the special case of aggregating expected-utility preferences are given. A novel proof methodology for special aggregation problems, based on model theory (in the sense of mathematical logic), is employed.