Choice theory when agents can randomize

This paper takes choice theory to risk or uncertainty. Well-known decision models are axiomatized under the premise that agents can randomize. Under a reversal of order assumption, this convexifies choice sets, and even after imposing the weak axiom of revealed preference and nonemptiness of choice correspondences, the preferences directly revealed by choice may be incomplete or cyclical.

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Year of publication:	2015
Authors:	Stoye, Jörg
Published in:	Journal of Economic Theory. - Elsevier, ISSN 0022-0531. - Vol. 155.2015, C, p. 131-151
Publisher:	Elsevier
Subject:	Revealed preference \| Choice functions \| Completeness \| Transitivity \| Expected utility \| Maxmin expected utility

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Type of publication:	Article
Classification:	D81 - Criteria for Decision-Making under Risk and Uncertainty
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10011189752