Dynamic objective and subjective rationality

José Heleno Faro and Jean-Philippe Lefort

We characterize prior-by-prior Bayesian updating using a model proposed by Gilboa, Maccheroni, Marinacci and Schmeidler (2010) that jointly considers objective and subjective rationality. These rationality concepts are subject to the Bewley unanimity rule and maxmin expected utility, respectively, with a common set of priors and the same utility over consequences. We use this setup with two preference relations to develop a novel rationale for full Bayesian updating of maxmin expected utility preferences.

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Year of publication:	2019
Authors:	José Faro, Heleno ; Lefort, Jean-Philippe
Published in:	Theoretical economics : TE ; an open access journal in economic theory. - Toronto : Wiley, ISSN 1555-7561, ZDB-ID 2220447-7. - Vol. 14.2019, 1, p. 1-14
Subject:	Dynamic consistency \| full Bayesian updating \| incomplete preferences \| objective rationality \| subjective rationality \| maxmin expected utility \| multiple priors \| Entscheidung unter Unsicherheit \| Decision under uncertainty \| Erwartungsnutzen \| Expected utility \| Rationalität \| Rationality \| Entscheidungstheorie \| Decision theory \| Präferenztheorie \| Theory of preferences \| Rationale Erwartung \| Rational expectations \| Bayes-Statistik \| Bayesian inference

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Type of publication:	Article
Type of publication (narrower categories):	Aufsatz in Zeitschrift ; Article in journal
Language:	English
Other identifiers:	10.3982/TE2122 [DOI] hdl:10419/217057 [Handle]
Classification:	D81 - Criteria for Decision-Making under Risk and Uncertainty
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10012020227