A Behavioral Characterization of Plausible Priors : Online Appendix
نویسنده
چکیده
This Online Appendix contains (i) additional results and discussion related to the notion of plausible priors, and (ii) proofs that have been omitted from the main text in the interest of brevity. In particular, it presents two constructions that deliver a continuum of behaviorally equivalent representations for arbitrary MEU and Bewley preferences. ∗An earlier draft of this paper was circulated under the title “Expected Utility with Many Unique Priors.” I would like to thank Michèle Cohen, Eddie Dekel, Paolo Ghirardato, Faruk Gul, Alessandro Lizzeri, Fabio Maccheroni, Wolfgang Pesendorfer, and Pietro Veronesi, as well as several RUD 2002 participants, for helpful discussion. All errors are my own.
منابع مشابه
A behavioral characterization of plausible priors
Recent decision theories represent ambiguity via multiple priors, interpreted as alternative probabilistic models of the relevant uncertainty. This paper provides a robust behavioral foundation for this interpretation. A prior P is “plausible” if preferences over some subset of acts admit an expected utility representation with prior P , but not with any other prior Q 6= P . Under suitable axio...
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