Transitive regret over statistically independent lotteries
نویسندگان
چکیده
منابع مشابه
Transitive regret over statistically independent lotteries
Preferences may arise from regret, i.e., from comparisons with alternatives forgone by the decision maker. We show that when the choice set consists of pairwise statistically independent lotteries, transitive regret-based behavior is consistent with betweenness preferences and with a family of preferences that is characterized by a consistency property. Examples of consistent preferences includ...
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Often, preferences are driven by comparisons with choices not made. Preferences of a decision-maker over a set of options may arise from regret, i.e., from comparisons with alternatives forgone by the decision maker. This is natural when the decision maker has to choose between two options with random outcomes. Once the uncertainty is resolved he will know what outcome he received, but also wha...
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Preferences of a decision-maker over a set of options may arise from regret, i.e., from comparisons with alternatives forgone by the decision maker. This is natural when the decision maker has to choose between two options with random outcomes. Once the uncertainty is resolved he will know what outcome he received, but also what outcome he could have received had he chosen the alternative optio...
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The paper studies a model in which in period 1, a decision-maker chooses a set of lotteries; and in period 2, Nature chooses a lottery from the set chosen by the decision-maker and the decision-maker consumes the lottery chosen by Nature. Larger sets are interpreted as representing more ambiguous objective information about the lottery that will be consumed. The axioms imposed on preferences ov...
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ژورنال
عنوان ژورنال: Journal of Economic Theory
سال: 2014
ISSN: 0022-0531
DOI: 10.1016/j.jet.2014.05.001