Monotone continuous multiple priors

We show that the monotone continuity condition introduced by Arrow (1970) is the behavioral counterpart of countable additivity and weak compactness of the set of priors in a maxmin expected utility model. This generalizes Arrow's original result, who considered the special case of a singleton set of priors. Several other convenient technical properties of the set of priors, like non-atomicity, are studied and their behavioral counterparts are provided.

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Year of publication:	2005
Authors:	Chateauneuf, Alain ; Macheronni, Fabio ; Marinacci, Massimo ; Tallon, Jean-Marc
Institutions:	HAL

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Extent:	application/pdf
Series:	Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers).
Type of publication:	Book / Working Paper
Language:	English
Notes:	View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-00177057
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10008795307