Journal Of The Econometric Society

An International Society for the Advancement of Economic
Theory in its Relation to Statistics and Mathematics

Edited by: Guido W. Imbens • Print ISSN: 0012-9682 • Online ISSN: 1468-0262

Econometrica: Jan, 1968, Volume 36, Issue 1

The Theory of Syndicates<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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