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A Revealed Preference Theory for Non‐expected Utility on “Certain × Uncertain” Consumption Pairs

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  • Kazuya Kamiya
  • Hidehiko Ichimura

Abstract

In this paper we consider a two‐period decision problem, where the feasible set is the set of “certain × uncertain” consumption pairs. That is, the decision‐maker chooses (x,m) in a feasible set, wherex is a certain first‐period consumption andm is a random second‐period consumption, a Borel probability measure on the set of real numbers. The purpose of this paper is to present revealed preference theory for non‐expected utility on “certain × uncertain” consumption pairs. We present necessary and sufficient conditions for the data to be consistent with some non‐expected utility functions. JEL Classification Numbers: D11, D81, D91

Suggested Citation

  • Kazuya Kamiya & Hidehiko Ichimura, 1998. "A Revealed Preference Theory for Non‐expected Utility on “Certain × Uncertain” Consumption Pairs," The Japanese Economic Review, Japanese Economic Association, vol. 49(1), pages 54-76, March.
    • Handle: RePEc:bla:jecrev:v:49:y:1998:i:1:p:54-76
    DOI: 10.1111/1468-5876.00071
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    JEL classification:

    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making

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