Axiomatic characterization of location functions
Presented by Dr. Henry Martyn MULDER
Type: Oral presentation
Track: Metric Graph Theory
Since Kenneth Arrow’s ground breaking work on consensus in 1951 this has been a major area in mathematical economics: how to reach consensus in a rational way. This is modeled by a consensus function that satisfies certain natural and intuitively pleasing axioms. We survey recent and new results on a special type of consensus: finding an optimal location, such as the center, the median, and the mean.