Monotone Continuous Multiple Priors.
We show that the monotone continuity condition introduced by Villegas (1964) and Arrow (1970) is the behavioral counterpart of countable additivity (and relative weak compactness) in a multiple priors model. This generalizes their original result, in which the special case of a singleton set of priors is considered. Further extending their results, we provide a behavioral counterpart for the convex rangedness of the priors (both considered singularly and as a vector measure).
Year of publication: |
2003-06
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Authors: | Marinacci, Massimo ; Maccheroni, Fabio ; Chateauneuf, Alain ; Tallon, Jean-Marc |
Institutions: | International Centre for Economic Research (ICER) |
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