A characterization of the Esteban–Ray polarization measures

Yoko Kawada, Yuta Nakamura, Keita Sunada

Research output: Contribution to journalArticlepeer-review

2 Citations (Scopus)

Abstract

Esteban and Ray (1994) formalized the idea of polarization and developed a theory for its measurement. In their main theorem, they claimed that a class of polarization measures, called the Esteban–Ray measures, is characterized by a set of axioms that capture the idea of polarization. However, in this study, we show that the claim does not hold by presenting a counterexample. We amend their main theorem by strengthening the first axiom.

Original languageEnglish
Pages (from-to)35-37
Number of pages3
JournalEconomics Letters
Volume169
DOIs
Publication statusPublished - 2018 Aug 1

Keywords

  • Esteban–Ray polarization measures
  • Polarization

ASJC Scopus subject areas

  • Finance
  • Economics and Econometrics

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