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,...

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,...

The economic weaknesses of Israel’s periphery have attracted media attention and have shifted upwards as a priority in the national agenda. There has been a heightened awareness of gaps between the haves and the have-nots and of growing inequality. One important facet of the public debate...