Unambiguous events and dynamic Choquet preferences
This paper explores the relationship between dynamic consistency and existing notions of unambiguous events for Choquet expected utility preferences. A decision maker is faced with an information structure represented by a filtration. We show that the decision maker’s preferences respect dynamic con...
Gespeichert in:
| Hauptverfasser: | , |
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| Dokumenttyp: | Article (Journal) |
| Sprache: | Englisch |
| Veröffentlicht: |
2011
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| In: |
Economic theory
Year: 2011, Jahrgang: 46, Heft: 3, Pages: 401-425 |
| ISSN: | 1432-0479 |
| DOI: | 10.1007/s00199-009-0512-7 |
| Online-Zugang: | Verlag, lizenzpflichtig, Volltext: https://doi.org/10.1007/s00199-009-0512-7 Verlag, lizenzpflichtig, Volltext: https://link.springer.com/article/10.1007/s00199-009-0512-7 
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| Verfasserangaben: | Adam Dominiak, Jean-Philippe Lefort |
| Zusammenfassung: | This paper explores the relationship between dynamic consistency and existing notions of unambiguous events for Choquet expected utility preferences. A decision maker is faced with an information structure represented by a filtration. We show that the decision maker’s preferences respect dynamic consistency on a fixed filtration if and only if the last stage of the filtration is composed of unambiguous events in the sense of Nehring (Math Social Sci 38:197-213, 1999). Adopting two axioms, conditional certainty equivalence consistency and constrained dynamic consistency to filtration measurable acts, it is shown that the decision maker respects these two axioms on a fixed filtration if and only if the last stage of the filtration is made up of unambiguous events in the sense of Zhang (Econ Theory 20:159-181, 2002). |
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| Beschreibung: | Published: 20 December 2009 Gesehen am 20.06.2022 |
| Beschreibung: | Online Resource |
| ISSN: | 1432-0479 |
| DOI: | 10.1007/s00199-009-0512-7 |