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This paper is concerned with the representation of preferences which do not satisfy the ordinary axioms for state-independent utilities.
Persistent link: https://www.econbiz.de/10005011516
The paper explores the uniqueness properties of the subjective probabilities in two axiomatizations of state-dependent preferences. Karni, Schmeidler, and Vind's (KSV 1983) system depends on selecting an arbitrary auxiliary probability, and as such, does not guarantee the uniqueness of the...
Persistent link: https://www.econbiz.de/10009198133
Persistent link: https://www.econbiz.de/10011594119
It has been noticed that whether a preference relation can be represented by state-independent utilities as opposed to state-dependent utilities may depend on which acts count as constant acts [Schervish et al., 1990]. Indeed, this remark underlies an extension of Savage’s expected utility...
Persistent link: https://www.econbiz.de/10005011693
I develop awareness-dependent subjective expected utility by taking unawareness structures introduced in Heifetz, Meier, and Schipper (2006, 2008, 2009) as primitives in the Anscombe-Aumann approach to subjective expected utility. I observe that a decision maker is unaware of an event if and...
Persistent link: https://www.econbiz.de/10010282094
We develop awareness-dependent subjective expected utility by taking unawareness structures introduced in Heifetz, Meier, and Schipper (2006, 2008, 2011a) as primitives in the Anscombe-Aumann approach to subjective expected utility. We observe that a decision maker is unaware of an event if and...
Persistent link: https://www.econbiz.de/10010282109
We develop awareness-dependent subjective expected utility by taking unawareness structures introduced in Heifetz et al. (J Econ Theory 130:78–94, <CitationRef CitationID="CR15">2006</CitationRef>; Games Econ Behav 62:304–324, <CitationRef CitationID="CR16">2008</CitationRef>; Unawareness, beliefs, and speculative trade. University of California, Davis, <CitationRef CitationID="CR17">2011a</CitationRef>) as primitives in...</citationref></citationref></citationref>
Persistent link: https://www.econbiz.de/10010993381
I develop awareness-dependent subjective expected utility by taking unawareness structures introduced in Heifetz, Meier, and Schipper (2006, 2008, 2009) as primitives in the Anscombe-Aumann approach to subjective expected utility. I observe that a decision maker is unaware of an event if and...
Persistent link: https://www.econbiz.de/10008529292
I develop awareness-dependent subjective expected utility by taking unawareness structures introduced in Heifetz, Meier, and Schipper (2006, 2008, 2009) as primitives in the Anscombe-Aumann approach to subjective expected utility. I observe that a decision maker is unaware of an event if and...
Persistent link: https://www.econbiz.de/10008620418
We develop awareness-dependent subjective expected utility by taking unawareness structures introduced in Heifetz, Meier, and Schipper (2006, 2008, 2011a) as primitives in the Anscombe-Aumann approach to subjective expected utility. We observe that a decision maker is unaware of an event if and...
Persistent link: https://www.econbiz.de/10008752237