Atemporal non-expected utility preferences, dynamic consistency and consequentialism

This note studies conditions which allow to maintain a non-expected utility representation (Max-min expected utility and Choquet expected utility), dynamic consistency and consequentialism in an atemporal and purely subjective framework. By contrast with a dynamic set-up, where consistency can be reached with non-expected utility models, we show that both Maxmin expected utility and Choquet expected utility degenerate into an expected utility representation.

MoreLess

Year of publication:	2010
Authors:	Lapied, André ; Toquebeuf, Pascal
Published in:	Economics Bulletin. - AccessEcon, ISSN 1545-2921. - Vol. 30.2010, 2, p. 1661-1669
Publisher:	AccessEcon
Subject:	Non-expected utility \| Choquet expected utility \| Max-min expected utility \| Dynamic consistency \| Consequentialism

More details

Extent:	application/pdf
Type of publication:	Article
Classification:	D8 - Information and Uncertainty
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10008599450