Roberto Veneziani (Queen Mary, Economics and Finance): Opportunities as Chances: maximising the probability that everybody succeeds

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Date/Time
Date(s) - 18/06/2014
5:30 pm - 7:00 pm

Location
Lakatos (LAK) 2.06

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Speaker: Roberto Veneziani (Queen Mary, Economics and Finance)
Time: 5:30pm – 7pm
Title: Opportunities as chances: maximising the probability that everybody succeeds

Abstract: We propose to model opportunities in society as `chances of success’, that is as they are commonly described by practitioners. We show that a classical liberal principle of justice together with a limited principle of social rationality imply that the social objective should be to maximise the chance that everybody in society succeeds. Technically, this means that opportunity profiles should be evaluated by means of a `Nash’ criterion. A particular consequence is that the failure of even only one individual must be considered maximally detrimental. We also study a refinement of this criterion and its extension to problems of intergenerational justice. (Joint work with Marco Mariotti, St Andrews)

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