Objective rationality and uncertainty averse preferences
نویسندگان
چکیده
منابع مشابه
Objective Rationality and Uncertainty Averse Preferences
As in Gilboa, Maccheroni, Marinacci, and Schmeidler [12], we consider a decision maker characterized by two binary relations: % and %^. The rst binary relation is a Bewley preference. It models the rankings for which the decision maker is sure. The second binary relation is an uncertainty averse preference, as de ned by Cerreia-Vioglio, Maccheroni, Marinacci, and Montrucchio [4]. It models the...
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We study uncertainty averse preferences, that is, complete and transitive preferences that are convex and monotone. We establish a representation result, which is at same time general and rich in structure. Many objective functions commonly used in applications are special cases of this representation. JEL classification: D81
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Blackwell (1951, 1953) proposes an informativeness ranking of experiments: Experiment I is more Blackwell-informative than Experiment II if and only if the value of experiment I is higher than that of experiment II for all expected-utility maximizers. Under commitment and reduction, our main theorem shows that Blackwell equivalence holds for all convex and strongly monotone preferences, i.e., t...
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The two approaches both have fairly straightforward interpretations in choices with certainty. The internal consistency approach has been much used in the theory of 'revealed preference', with various 'axioms' of revealed preference serving as conditions of internal consistency of choice (see Samuelson (1947))) In much of modern economic theory, 'rational choice' is seen as no more and no less ...
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ژورنال
عنوان ژورنال: Theoretical Economics
سال: 2016
ISSN: 1933-6837
DOI: 10.3982/te1193