An axiomatization of Choquet expected utility with cominimum independence

This paper proposes a class of independence axioms for simple acts. By introducing the <InlineEquation ID="IEq1"> <EquationSource Format="TEX">$${\mathcal {E}}$$</EquationSource> <EquationSource Format="MATHML"> <math xmlns:xlink="http://www.w3.org/1999/xlink"> <mi mathvariant="script">E</mi> </math> </EquationSource> </InlineEquation>-cominimum independence axiom that is stronger than the comonotonic independence axiom but weaker than the independence axiom, we provide a new axiomatization theorem of simple acts within the framework of Choquet expected utility. Furthermore, in order to provide the axiomatization of simple acts, we generalize Kajii et al. (J Math Econ 43:218–230, <CitationRef CitationID="CR11">2007</CitationRef>) into an infinite state space. Our axiomatization theorem relates Choquet expected utility to multi-prior expected utility through the core of a capacity that is explicitly derived within our framework. Our result in this paper also derives Gilboa (Econometrica 57:1153–1169, <CitationRef CitationID="CR8">1989</CitationRef>), Eichberger and Kelsey (Theory Decis 46:107–140, <CitationRef CitationID="CR4">1999</CitationRef>), and Rohde (Soc Choice Welf 34:537–547, <CitationRef CitationID="CR13">2010</CitationRef>) as a corollary. Copyright Springer Science+Business Media New York 2015