Econometrica: Jan 1968, Volume 36, Issue 1

The Theory of Syndicates

https://doi.org/0012-9682(196801)36:1<119:TTOS>2.0.CO;2-J
p. 119-132

Robert Wilson

A syndicate is defined to be a group of individuals who must make a common decision under uncertainty that will result in a payoff to be shared jointly among them. In this paper, the normative criterion of Pareto optimality is employed to determine the construction, and conditions for existence, of a group utility function and a consensus of the members' probability assessments.

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