منابع مشابه
Recursive multiple-priors
This paper axiomatizes an intertemporal version of multiple-priors utility. A central axiom is dynamic consistency, which leads to a recursive structure for utility, to ‘rectangular’ sets of priors and to prior-by-prior Bayesian updating as the updating rule for such sets of priors. It is argued that dynamic consistency is intuitive in a wide range of situations and that the model is consistent...
متن کاملA note on recursive multiple-priors
One of the assumptions of recursive multiple-priors utility (Epstein and Schneider, J. Econ. Theory, 113(1) (2003), 1-31) is that conditional preferences at every node satisfy an intertemporal version of the multiple-priors axioms (Gilboa and Schmeidler, J. Math. Econ., 18(2) (1989) 141-153). This note weakens this assumption: Given that conditional preferences depend only on the continuations ...
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The functional defined as the ‘min’ of integrals with respect to probabilities in a given non-empty closed and convex class appears prominently in recent work on uncertainty in economics. In general, such a functional violates the additivity of the expectations operator. We characterize the types of functions over which additivity of this functional is preserved. This happens exactly when ‘inte...
متن کاملOptimal Stopping with Multiple Priors
We develop a theory of optimal stopping under Knightian uncertainty. A suitable martingale theory for multiple priors is derived in order to extend the classical dynamic programming or Snell envelope approach to multiple priors. We relate the multiple prior theory to the classical setup via a minimax theorem. In a multiple prior version of the classical i.i.d. model we discuss several examples ...
متن کاملAmbiguity, Measurability and Multiple Priors
The paper provides a notion of measurability which is suited for a class of Multiple Prior Models. Those characterized by nonatomic countably additive priors. Preferences generating such representations have been recently axiomatized in [12]. A notable feature of our definition of measurability is that an event is measurable if and only if it is unambiguous in the sense of Ghirardato, Maccheron...
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ژورنال
عنوان ژورنال: Journal of Economic Theory
سال: 2003
ISSN: 0022-0531
DOI: 10.1016/s0022-0531(03)00097-8