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Temporal Resolution of Uncertainty and Recursive Non-Expected Utility Models

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  • Simon Grant
  • Atsushi Kajii
  • Ben Polak

Abstract

If an agent (wealkly) prefers early resolution of uncertainty then the recursive forms of both the most commonly used non-expected utility models, betweenness and rank dependence, almost reduce to Kreps & Porteus's (1978) recurvise expected utility.

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Bibliographic Info

Article provided by Econometric Society in its journal Econometrica.

Volume (Year): 68 (2000)
Issue (Month): 2 (March)
Pages: 425-434

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Handle: RePEc:ecm:emetrp:v:68:y:2000:i:2:p:425-434

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Cited by:
  1. Eichberger, Jurgen & Grant, Simon & Kelsey, David, 2005. "CEU preferences and dynamic consistency," Mathematical Social Sciences, Elsevier, vol. 49(2), pages 143-151, March.
  2. Larbi Alaoui & Alvaro Sandroni, 2013. "Predestination and the Protestant Ethic," Working Papers 679, Barcelona Graduate School of Economics.
  3. Peter Klibanoff & Massimo Marinacci & Sujoy Mukerji, 2005. "A Smooth Model of Decision Making under Ambiguity," Econometrica, Econometric Society, vol. 73(6), pages 1849-1892, November.
  4. David Dillenberger, 2008. "Preferences for One-Shot Resolution of Uncertainty and Allais-Type Behavior," PIER Working Paper Archive 08-036, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
  5. Sarver, Todd & Ergin, Haluk, 0. "Hidden actions and preferences for timing of resolution of uncertainty," Theoretical Economics, Econometric Society.
  6. Larbi Alaoui, 2012. "The value of useless information," Economics Working Papers 1313, Department of Economics and Business, Universitat Pompeu Fabra.
  7. Eliaz, Kfir & Schotter, Andrew, 2010. "Paying for confidence: An experimental study of the demand for non-instrumental information," Games and Economic Behavior, Elsevier, vol. 70(2), pages 304-324, November.
  8. Larbi Alaoui & Alvaro Sandroni, 2013. "Predestination and the Protestant ethic," Economics Working Papers 1350, Department of Economics and Business, Universitat Pompeu Fabra.
  9. Dillenberger, David, 2008. "Preferences for One-Shot Resolution of Uncertainty and Allais-Type Behavior," MPRA Paper 8342, University Library of Munich, Germany.
  10. Reny, Philip J., 2013. "A simple proof of the nonconcavifiability of functions with linear not-all-parallel contour sets," Journal of Mathematical Economics, Elsevier, vol. 49(6), pages 506-508.
  11. Richter, Marcel K. & Wong, K.-C.Kam-Chau, 2004. "Concave utility on finite sets," Journal of Economic Theory, Elsevier, vol. 115(2), pages 341-357, April.
  12. Duffie, Darrell, 2003. "Intertemporal asset pricing theory," Handbook of the Economics of Finance, in: G.M. Constantinides & M. Harris & R. M. Stulz (ed.), Handbook of the Economics of Finance, edition 1, volume 1, chapter 11, pages 639-742 Elsevier.
  13. Alaoui, Larbi, 2008. "The value of useless information," MPRA Paper 11411, University Library of Munich, Germany.

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