Unambiguous events and dynamic Choquet preferences

• Verfasst von: Dominiak, Adam [VerfasserIn]
• Verfasst von: Lefort, Jean-Philippe [VerfasserIn]
• Titel: Unambiguous events and dynamic Choquet preferences
• Verf.angabe: Adam Dominiak, Jean-Philippe Lefort
• Jahr: 2011
• Umfang: 25 S.
• Fussnoten: Published: 20 December 2009 ; Gesehen am 20.06.2022
• Titel Quelle: Enthalten in: Economic theory
• Ort Quelle: Berlin : Springer, 1991
• Jahr Quelle: 2011
• Band/Heft Quelle: 46(2011), 3, Seite 401-425
• ISSN Quelle: 1432-0479
• DOI: doi:10.1007/s00199-009-0512-7
• Datenträger: Online-Ressource
• Sprache: eng
• Sach-SW: Choquet expected utility
• Sach-SW: Consequentialism
• Sach-SW: D81
• Sach-SW: D82
• Sach-SW: Dynamic consistency
• Sach-SW: Filtration
• Sach-SW: Unambiguous events
• Sach-SW: Updating
• K10plus-PPN: 1807293505

Abstract

This paper explores the relationship between dynamic consistency and existing notions of unambiguous events for Choquet expected utility preferences. A decision maker is faced with an information structure represented by a filtration. We show that the decision maker’s preferences respect dynamic consistency on a fixed filtration if and only if the last stage of the filtration is composed of unambiguous events in the sense of Nehring (Math Social Sci 38:197-213, 1999). Adopting two axioms, conditional certainty equivalence consistency and constrained dynamic consistency to filtration measurable acts, it is shown that the decision maker respects these two axioms on a fixed filtration if and only if the last stage of the filtration is made up of unambiguous events in the sense of Zhang (Econ Theory 20:159-181, 2002).