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Dominance and admissibility without priors

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  • Stoye, Jörg

Abstract

This note axiomatizes the incomplete preference ordering that reflects statewise dominance with respect to expected utility, as well as the according choice correspondence. The main motivation is to clarify how admissibility as understood by statisticians relates to existing axiomatizations. The answer is that it is characterized by Anscombe and Aumann’s (1963) axioms, plus symmetry (Arrow and Hurwicz, 1972), less completeness. Characterizing the according choice correspondence requires relaxing the weak axiom of revealed preference.

Suggested Citation

  • Stoye, Jörg, 2012. "Dominance and admissibility without priors," Economics Letters, Elsevier, vol. 116(1), pages 118-120.
    • Handle: RePEc:eee:ecolet:v:116:y:2012:i:1:p:118-120
    DOI: 10.1016/j.econlet.2012.02.003
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    References listed on IDEAS

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    1. Itzhak Gilboa & Fabio Maccheroni & Massimo Marinacci & David Schmeidler, 2010. "Objective and Subjective Rationality in a Multiple Prior Model," Econometrica, Econometric Society, vol. 78(2), pages 755-770, March.
    2. Amartya Sen, 1969. "Quasi-Transitivity, Rational Choice and Collective Decisions," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 36(3), pages 381-393.
    3. Jörg Stoye, 2011. "Statistical decisions under ambiguity," Theory and Decision, Springer, vol. 70(2), pages 129-148, February.
    4. Eliaz, Kfir & Ok, Efe A., 2006. "Indifference or indecisiveness? Choice-theoretic foundations of incomplete preferences," Games and Economic Behavior, Elsevier, vol. 56(1), pages 61-86, July.
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    Cited by:

    1. Stoye, Jörg, 2015. "Choice theory when agents can randomize," Journal of Economic Theory, Elsevier, vol. 155(C), pages 131-151.
    2. Baker, Erin & Bosetti, Valentina & Salo, Ahti, 2020. "Robust portfolio decision analysis: An application to the energy research and development portfolio problem," European Journal of Operational Research, Elsevier, vol. 284(3), pages 1107-1120.

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    More about this item

    Keywords

    Admissibility; Incompleteness; Ambiguity; Statistical decision theory;
    All these keywords.

    JEL classification:

    • C44 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Operations Research; Statistical Decision Theory
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty

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